Ship Registration System on blockchain is being built by the Singapore Shipping Association in collaboration with the International Chamber of Commerce (ICC) and tech startup Perlin, reported the Business Times.
The International E-Registry of Ships (IERS) system is hoped to improve the currently laborious ship registration and renewal process.
The Maritime and Port Authority of Singapore has given its full support to the initiative.
Wavelet by Perlin implements the IERS ship-registration system and creates a blockchain e-register, which will run on self-executing smart contracts.
Singapore’s port is one of the world’s largest maritime ports. It houses 4,500 ships or 91 million gross tons a year.
The IERS is expected for global adoption among international network of ICC members and affiliated chambers around the world.
