Singapore Shipping Association Warms up to Embrace Blockchain-based Ship Registration System

A news report has it that there is a collaboration between the Singapore Shipping Association, the International Chamber of Commerce and the Singapore startup called Perlin to develop what has been dubbed the International E-Registry of Ships (IERS) which they believed has the ability to minimize time, costs as well as the occurrence of errors in the process of ship registration.
 
Since Singapore is undoubtedly is the fifth-largest registry in the world with a fleet of around 4,500 ships, there would be a to restructure the process of registration, which would enhance performance and improve procedures. In this regard, the three organizations have opined that the new arrangements could improve the productivity of the ship-registration process for the Singapore flag, which is currently done via the Marinet web portal. The organizations are also of the opinion that embracing the blockchain-based method could benefit other ship registries that are using manual and paper-based processes.
 
According to the report, Perlin’s wavelet will be used to power the IERS and which if the implementation is successful, the ICC after urging for global adoption among its international network of members and affiliated Chambers, will also give a useful hand in submitting the IERS in all the government tenders.
John Denton, the secretary-general of ICC has been reported to say that their goal for working with Perlin is for the IERS which are  built-in Singapore (making Singapore the world’s first blockchain shipping registry solution) to be shown and adopted globally to help power the next 100 years of shipping-based trade across all industries,
 
In all, this development is going to be supported by the Maritime and Port Authority of Singapore. They will back this remarkable initiative by sharing the IERS ship-registration process and exploring an open Application Programming Interface in the registration process.