The Singapore Shipping Association (SSA) has detailed work it is carrying out with with the world’s largest business organisation, the International Chamber of Commerce (ICC) and local tech startup Perlin to build an advanced digital blockchain ship registration preparation system for international adoption.
Called the International E-Registry of Ships (IERS), it is an entirely new digital blockchain-based solution to streamline and standardise the ship registration and renewal process.
“The Singapore flag is already a nexus for global maritime trade and innovation. The Singapore Shipping Association has been actively encouraging and promoting the adoption of new technologies to navigate the future of shipping. This opportunity to collaborate with the ICC and Perlin to co-create the world’s first blockchain system for preparation of ship registration not only brings solid efficiency gains and cost savings for our members but also the wider global maritime community,” said Steen Brodsgaard Lund, SSA council member and chairman of the digital transformation committee.
The IERS will be powered by Perlin’s Wavelet Protocol to create a blockchain e-register powered by self-executing smart contracts, a streamlined relationship management platform, and simplified data entry user systems.