Blockchain Ship Registration System Under Development
The Singapore Shipping Association (SSA), the International Chamber of Commerce (ICC) and Singapore tech startup Perlin have teamed up to build an advanced digital blockchain ship registration preparation system for international adoption.
Called the International E-Registry of Ships, it aims to streamline, standardize and drastically improve the currently laborious ship registration and renewal process. Immediate advantages will include very significant reductions in operating costs, timing required, human error and fraud, says the SSA.
Singapore is the fifth largest registry in the world with a fleet of around 4,500 ships (91 million gross tons.) The ship registration process for the Singapore flag is currently done via the Marinet web portal, and SSA says the new system will also benefit ship registries that use paper-based processes.
The Maritime and Port Authority of Singapore (MPA) is supporting the initiative through knowledge sharing of the ship registration process and exploration of an open Application Programming Interface (API) interface in the registration process.
The new system will be powered by Perlin’s Wavelet Protocol to create a blockchain E-register powered by self-executing smart contracts, a streamlined relationship management platform and vastly simplified data entry user systems. It will include automated document checking and API integration from trusted data sources.
Once successfully implemented in Singapore, the ICC will provide active and ongoing support for global adoption of the International E-Registry of Ships standards, systems and technology developed by Perlin among its international network of members, affiliated chambers and other business networks. The ICC will also assist with the submission of Singapore’s International E-Registry of Ships in all international government tenders.
The new system is being championed by key stakeholders, such as DNV GL, Zeaborn, Pacific International Lines and Executive Ship Management.