Singapore Developing Blockchain System For Ship Registration

Asia Blockchain Review
October 22, 2019

Singapore’s shipping industry will soon have a blockchain-based ship registration system developed by the Singapore Shipping Association, the International Chamber of Commerce and blockchain firm Perlin.

The blockchain registry solution – an International E-Registry of Ships (IERS) system – aims to improve the laborious ship registration and renewal process in Singapore, according to the Business Times. 

To be supported by Perlin’s Wavelet, an open ledger for writing decentralized WebAssembly applications, the system will use self-executing smart contracts to improve the registration process in terms of time and cost while also preventing errors.

Support From Maritime And Port Authority

The e-register is reportedly supported by Singapore’s Maritime and Port Authority, which is conducting tests on the IERS and studying the feasibility of using an open Application Programming Interface (API) in the registration process.

Singapore’s International Chamber of Commerce (ICC) says it will encourage global adoption of the system and help submit it in all international government tenders if the system is successful.

ICC Secretary-General John Denton stated: 

“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.”

Singapore Sectors to Adopt Blockchain

Key stakeholders in the Singaporean shipping sector, including DNV GL, Zeaborn, Pacific International Lines and Executive Ship Management, are supporting the new IERs system.

Other sectors in the country such as agriculture, energy, household goods, metals and minerals have started to embrace blockchain. In June, Perlin Network and the ICC announced they will jointly establish a Center of Future Trade (CoFT), an open digital platform for blockchain and distributed ledger technology adoption, with support from trade authority Enterprise Singapore.

Source: www.tokenpost.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Blockchain Enables Verification of COVID-19 Immunity
Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

November 21, 2020

Illicit Cryptocurrency Activity: A Concern
Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

November 20, 2020

IBM Using Blockchain to Help Businesses Reopen during COVID-19
IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

November 20, 2020

Canadian Pacific Railway Collaborates with TradeLens
Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

November 19, 2020

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us