- A blockchain-based ship registration preparation system for international adoption is in the works.
- The system could reduce time, costs and the incidence of error and fraud in the ship registration process.
The Singapore Shipping Association (SSA), in partnership with the world’s largest business organization, International Chamber of Commerce (ICC), and tech startup Perlin announced to build an advanced blockchain system for ship registration, reports Business Times.
Blockchain-based registration
This blockchain-based ship registration is also for international adoption.
The system aims to reduce time, cost, and incidence of error and fraud in the ship-registration process.
The Singapore Shipping Association is working with the International Chamber of Commerce and tech startup Perlin to build a blockchain-based e-registry of ships.
E-registry of Ships
The company believes that this will drastically improve the currently laborious ship registration and renewal process.
Perlin’s Wavelet will power the international E-registry of Ships. The ship registration system will work on self-executing smart contracts, a streamlined relationship management platform, and simplified data entry user systems.
Singapore is the world’s fifth-largest registry with a fleet of around 4,500 ships, amounting to 91 million tonnes.
Global implementation of ICC registry
According to the Business Times report, once IERS is successfully implemented in Singapore, the ICC will push for global adoption.
The ICC will also help submit the IERS in all international government tenders. John Denton, ICC’s secretary-general, said that the ICC recognizes Singapore as a highly dynamic international hub for continuing industry innovation.
Earlier in August, Thailand’s customs department announced that it would use IBM’s Tradelens blockchain solution to track shipments and reduce cost and time.
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Source: Business Times
