The Singapore Shipping Association (SSA) is working with the world’s largest business organization, the International Chamber of Commerce (ICC), and Singapore tech startup Perlin, to build an advanced digital blockchain ship registration preparation system for international adoption.
In a statement, the SSA said the platform — to be called International E-Registry of Ships (IERS) — it is an entirely new digital blockchain-based solution to streamline, standardize and drastically 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.
World’s first blockchain system for ship registration
“The Singapore flag is already a nexus for global maritime trade and innovation. The SSA 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.
Endorsed by the Maritime and Port Authority of Singapore (MPA), the platform is expected to reduce operating costs, timing required, human error and fraud. It will also 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.
Singapore is the fifth largest registry in the world with a fleet of around 4,500 ships amounting to 91 million gross tons.
Essentially, the IERS will be powered by Perlin’s pioneering Wavelet Protocol to create a blockchain E-register powered by self-executing smart contracts, a streamlined relationship management platform, and vastly simplified data entry user systems.
Automated document checking and API integration from trusted data sources will also render inefficient manual systems currently used effectively obsolete.
Global adoption of IERS standards
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 recognizes 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.