The Singapore Shipping Association (SSA) has partnered with the International Chamber of Commerce (ICC) and Singapore tech start-up Perlin to build a blockchain-based digital ship registration system.
The blockchain-based International E-Registry of Ships (IERS) will save time and expenses, as well as reduce instances of error and fraud in ship registration.
The new system will improve the ship registration process efficiency in Singapore. Currently, the registration is conducted using the Marinet web portal.
The blockchain-based e-registry is being developed for global integration. The system has also secured the approval of the Maritime and Port Authority of Singapore (MPA).
The MPA is supporting the IERS ship registration process and exploring an open Application Programming Interface.
The SSA said that the IERS will be powered by Perlin’s directed acyclic graph-based protocol Wavelet.
The protocol will rely on self-executing smart contracts and simplified data entry user systems.
ICC secretary-general John Denton said: “The ICC recognises Singapore as a highly dynamic international hub for continuing industry innovation.
“Working with Perlin, our goal is for the IERS built in Singapore as the world’s first digital blockchain shipping registry solution to be showcased and adopted globally to help power the next 100 years of shipping-based trade across all industries.”
Following successful development and deployment of IERS in Singapore, the ICC will cooperate with other stakeholders to ensure adoption of the IERS standards on a global scale.
With a fleet of approximately 4,500 ships, Singapore is said to be the fifth-largest registry across the globe.