Roughly a fifth of global oil consumption passes through the narrow waterway connecting the Persian Gulf to the Arabian Sea, making it less a regional shipping lane than a structural pillar of the global economy. When traffic through Hormuz is disrupted, as it is now, energy prices spike, insurance markets convulse, and supply chains from Rotterdam to Shanghai feel the aftershocks.

A new report from Iran’s Economy Ministry revealed that, amid escalating instability surrounding the nation and a prolonged maritime security crisis in the Gulf, Tehran appears to be experimenting with using bitcoin infrastructure to create an alternative maritime insurance market.

The alleged system, known as “Hormuz Safe,” would allow shipping…