As per recent reports, a collaboration has developed between The Singapore Shipping Association (SSA), the International Chamber of Commerce (ICC) and blockchain firm Perlin. These three entities are working together to create an e-registry for the ship registration and renewal process, which is reportedly based on Perlin’s Wavelet, an open ledger for writing decentralized WebAssembly applications. The organizations have claimed that they will be coming up with self-executing smart contracts, which will essentially reduce time, costs and errors in the ship registration process.
As of now, the Maritime and Port Authority of Singapore is testing the system in the country. If successful, the ICC plans to roll out the International E-Registry of Ships (IERS) system globally.
In the recent past, blockchain-based solutions have been of high demand in the maritime sector. A couple of months ago, Ocean Network Express and Hapag-Lloyd partnered blockchain tracking platform TradeLens. Thailand’s Customs Department is also set to use IBM’s blockchain solution to manage shipment tracking and information sharing in Thai ports.
The post Singapore Shipping Association plans to implement blockchain for ship registration appeared first on BlockInspect .
Singapore Shipping Association plans to implement blockchain for ship registration
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