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The Singapore Shipping Association, the International Chamber of Commerce, and Singaporean blockchain firm Perlin are developing an International E-Registry of Ships (IERS) system.
As per a report by the Business Times, the system will be supported by Perlin’s Wavelet, an open ledger for writing decentralized WebAssembly applications. It aims to “drastically improve the currently laborious ship registration and renewal process.”
The e-register will run on self-executing smart contracts, in a bid to reduce time, costs, and errors in the registration process.
Singapore’s Maritime and Port Authority is reportedly supporting the move and is currently testing the IERS and exploring an open Application Programming Interface (API) in the registration process. If successful, the ICC will bid for its global adoption and help submit the system in all international government tenders.
“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.
The new IERS system is being backed by key stakeholders including DNV GL, Zeaborn, Pacific International Lines, and Executive Ship Management.
In June, Perlin Network and the ICC also announced its plan to establish a Center of Future Trade with support from Enterprise Singapore, the country’s trade authority. The planned CoFT will be an open digital platform and support blockchain and distributed ledger technology adoption in the fields of agriculture, energy, household goods, metals, and minerals.
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