Called the International E-Registry of Ships (IERS), it is an entirely new digital blockchain-based solution to streamline, standardise and improve the currently laborious ship registration and renewal process. Immediate advantages will include very significant reductions in operating costs, timing required, human error and fraud.
“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,” said Steen Brodsgaard Lund, SSA council member and chairman of the Digital Transformation Committee.
“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,” he added.
Singapore is the fifth largest registry in the world with a fleet of around 4,500 ships amounting to 91 million gross tons. Such collaboration may have the potential to improve the efficiency of the ship registration process for the Singapore flag, which is currently done via the Marinet web portal. Such a solution will also benefit other ship registries who are using manual and paper-based processes.
The Maritime and Port Authority of Singapore (MPA) is supporting this industry-led initiative through knowledge sharing of the IERS ship registration process and exploration of an open Application Programming Interface (API) interface in the registration process.
“Using our pioneering Wavelet Protocol, the most performant public blockchain in the world, we can make the new IERS a world standard for best practice,” explained Dorjee Sun, ceo of Perlin.
Read more: After the hype – Blockchain in shipping needs a change in mindset: SAP
Once successfully implemented in Singapore, the ICC will provide active and ongoing support for global adoption of the IERS standards, systems and technology developed by Perlin among its vast international network of members, affiliated chambers and other business networks. The ICC will also assist with the submission of Singapore’s IERS in all international government tenders.
“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,” said John Denton AO, secretary general of the ICC.
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