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Singapore Shipping Association to build blockchain-based registration system

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Ryan Asher
Ryan Asher
A post-graduate in business administration from Rutgers University, Ryan love to express his thoughts in writing. Ryan entered the crypto space by selling his car back in 2013 and investing the money into bitcoin. Apart from writing, Ryan loves to travel and believes that bitcoin is helping him fulfill his dream of traveling across the world.

The Singapore Shipping Association (SAS), in partnership with the world's largest business organization, International Chamber of Commerce( ICC), and tech startup Perlin announced to build an advanced blockchain system for ship registration. This blockchain-based ship registration is also for international adoption. The system aims to reduce time, cost, and incidence of error and fraud in the ship-registration process.

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.

Earlier in August. Thailand’s customs department announced that it would use IBM’s Tradelens blockchain solution to track shipments and reduce cost and time.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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Indian regulators postpone introducing the “anti-cryptocurrency” bill.

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