New International E-Registry of Shipping to Reside on The Blockchain
An advanced new blockchain-based ship registration system is under development.
The Singapore Shipping Association (SSA), the International Chamber of Commerce (ICC) and Singapore tech startup Perlin are jointly going to develop the International E-Registry of Ships. The new blockchain-based ship registration system will streamline, standardize, and generally improve the current ship registration and renewal procedure.
Singapore the fifth largest ship registry in the world
However, in the first phase, the blockchain-based ship registration project will only cover ships handled by the Singapore ship registry. This is a fleet of around 4,500 ships (91 million gross tons).
Transition to the blockchain will save cost and time as well as the avoidance of manual errors and fraud. Registration of Singapore flagged ships is currently processed on the Singapore Government’s Marinet web portal.
Blockchain-based ship registration technology
Perlin is powering the future of trade on top of the world’s fastest public ledger in collaboration with the International Chamber of Commerce. It will be the technological partner in the registry product along with the SSA and ICC. The Maritime and Port Authority of Singapore will provide domain expertise of the ship registration process and assist in the development of the API.
Meanwhile, the system will use Perlin’s Wavelet Protocol and smart contracts running off a streamlined relationship management platform.
Finally, the ICC will take initiatives for its global adoption after Singapore can successfully implement the blockchain-based ship registration system.
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