The Singapore Shipping Association (SSA) is working in collaboration with the International Chamber of Commerce (ICC) and Singapore-based tech startup Perlin to develop the International E-Registry of Ships (IERS) system, which is expected to drastically improve the currently laborious ship registration and renewal process, according to a report by the Business Times financial daily.
IERS will be powered by Perlin’s Wavelet, an open ledger for writing decentralized WebAssembly applications, to create a blockchain e-register that runs on self-executing smart contracts. According to the report, this could reduce time, costs and incidences of error and fraud in the ship-registration process.
The Maritime and Port Authority of Singapore is supporting the initiative by sharing the IERS ship-registration process and exploring an open API in the registration process. Once the IERS is successfully implemented, the ICC plans to introduce IERS standards among its international network of members and affiliated chambers.
Blockchain-based solutions have been highly sought after in the maritime industry. Thailand’s Customs Department announced in August that it was working with IBM to implement the TradeLens blockchain platform, which would improve shipping procedures by managing shipment tracking and facilitating information sharing at Thai ports.
Maritime shipping companies such as Ocean Network Express and Hapag-Lloyd also participated in the TradeLens platform in a bid to reduce paperwork as well as associated costs and time in the logistics industry, with over 80% of the goods carried by the ocean shipping sector.
Recently, blockchain shipping startup 300cubits closed down its booking module and the circulation of its TEU token due to low transaction volume and low participation from carriers.
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