The Singapore Shipping Association is working with the International Chamber of Commerce and tech startup Perlin to build a blockchain-based e-registry of ships. The company believes that this will drastically improve the currently laborious ship registration and renewal process.
Perlin’s Wavelet will power the international E-registry of Ships. The ship registration system will work on self-executing smart contracts, a streamlined relationship management platform, and simplified data entry user systems. Singapore is the world’s fifth-largest registry with a fleet of around 4,500 ships, amounting to 91 million tonnes.
According to the Business Times report, once IERS is successfully implemented in Singapore, the ICC will push for global adoption. The ICC will also help submit the IERS in all international government tenders. John Denton, ICC’s secretary-general, said that the ICC recognizes Singapore as a highly dynamic international hub for continuing industry innovation.