Singapore’s maritime sector is preparing to ride the wave of digitalisation to further growth in the industry. With that, the Singapore Shipping Association (SSA), the International Chamber of Commerce (ICC) and blockchain firm Perlin are teaming up to work on an e-registry for the ship registration and renewal process.
The International E-Registry of Ships (IERS) system is based on
Perlin’s Wavelet, an open ledger for writing decentralized WebAssembly
applications, financial daily Business Times reported on Oct. 14. The
blockchain e-register will run on self-executing smart contracts, purportedly 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.
Singapore is the fifth largest registry in the world with a fleet of around 4,500 ships (91 million gross tons.) The ship registration process for the Singapore flag is currently done via the Marinet web portal, and SSA says the new system will also benefit ship registries that use paper-based processes.
The initiative found favour with the Maritime and Port Authority of Singapore, which is testing the registration process with the system. If the system proves to be successful in Singapore, the ICC will bid for global adoption of IERS standards in the industry.
Going for Global Adoption
Once the IERS is successfully implemented in Singapore, the ICC will push for global adoption of the IERS standards among its international network of members and affiliated chambers, the release said.
“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,” John Denton, ICC’s secretary-general, said.