Iran is reportedly exploring a new blockchain-based maritime insurance system that could allow vessels passing through the Strait of Hormuz to pay fees in Bitcoin and other cryptocurrencies, potentially bypassing traditional banking channels and the SWIFT network.
According to Iranian state media, the proposed platform reportedly named “Hormuz Safe” is designed to provide insurance coverage for ships and cargo moving through the strategically important Strait of Hormuz, a key global oil transit route handling nearly 20% of worldwide crude trade.
Under the proposed system, shipping operators would be able to select coverage, pay premiums in digital assets, and receive blockchain-verified proof of insurance. The entire process would reportedly operate online, reducing reliance on traditional banking institutions and international insurers linked to global payment systems.
The model suggests that payments could be made in Bitcoin and other cryptocurrencies, with settlement records secured through blockchain confirmation.
The system is seen as a potential way for Iran to reduce exposure to international sanctions by using non-traditional financial channels. It could also allow more direct control over maritime traffic in its territorial waters.
However, experts warn that such a system may also create opportunities for fraud, with potential scammers posing as officials to demand cryptocurrency payments for fake “safe passage” services.
Iranian authorities have reportedly stated that the platform will operate in a controlled environment designed to ensure safety and prevent cyberattacks or unauthorized access.
The development comes amid rising geopolitical and maritime tensions in the Gulf region, where shipping routes remain critical to global energy supply chains.
