Iran is developing a blockchain-based maritime insurance system that would allow ships passing through the Strait of Hormuz to obtain coverage using cryptocurrencies, including Bitcoin, without relying on traditional banking networks.

The proposed platform, referred to in reports as “Hormuz Safe,” is said to provide insurance for vessels and cargo moving through the Strait of Hormuz and the wider Persian Gulf—one of the world’s most critical oil shipping corridors.

Under the reported model, shipping operators would be able to purchase insurance policies online and pay premiums in crypto assets. Once the transaction is confirmed on the blockchain, digital proof of coverage would be issued. This would effectively reduce dependence on conventional financial systems such as SWIFT and international insurers.

The initiative is being viewed as part of Iran’s broader effort to use cryptocurrency in trade and cross-border transactions amid ongoing international sanctions that limit access to global banking channels.

Security analysts have also cautioned that unverified schemes and impersonation attempts could emerge, with fraudsters potentially exploiting interest in crypto-based shipping services to demand fake payments for “safe passage.”

Iran has already been expanding its use of digital assets in trade-related activities, particularly in sectors affected by financial restrictions, including oil-related transactions.