Singapore Shipping Association builds blockchain-based e-registry

A BLOCKCHAIN-BASED ship registration preparation system for international adoption is in the works, with hopes that it could reduce time, costs and the incidence of error and fraud in the ship-registration process.

The Singapore Shipping Association is working with the International Chamber of Commerce and Singapore tech startup Perlin to build the International E-Registry of Ships system, which they hope will"drastically improve the currently laborious ship registration and renewal process", a joint press release said on Monday.

It added that the Maritime and Port Authority of Singapore is supporting the initiative by sharing the IERS ship-registration process and exploring an open Application Programming Interface in the registration process. IERS will be powered by Perlin's Wavelet, a directed acyclic graph-based protocol, to create a blockchain e-register, which will run on self-executing smart contracts, a streamlined relationship management platform and simplified data entry user systems, the release said.Singapore is the fifth-largest registry in the world with a fleet of around 4,500 ships amounting to 91 million gross tonnes.

"The ICC recognises Singapore as a highly dynamic international hub for continuing industry innovation. 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.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

MAS reduces pace of appreciation for Singdollar 'slightly' amid slow growthSINGAPORE: The Monetary Authority of Singapore (MAS) is reducing the pace of the Singapore dollar’s appreciation “slightly”, in line with market ... All these moves but SG inflation & costs of living still high. Tough for average SGs. Can do something? PTC recent recc fare hikes not helping too! leehsienloong 4
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Singapore economy grows 0.1% in Q3, avoids technical recessionSINGAPORE: The Singapore economy grew 0.1 per cent on a year-on-year basis in the third quarter, advance estimates from the Ministry of Trade and ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Football: Neymar limps off as Brazil draw with NigeriaSINGAPORE: Neymar limped off injured early on as Brazil played out a 1-1 friendly draw against a spirited Nigeria at the Singapore National ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Brazil's winless run stretches to four games with 1-1 draw against NigeriaSINGAPORE — Brazil ended their two-match tour of Singapore with another 1-1 draw, this time against Nigeria, as their winless run since winning the Copa America stretched to four games.
Source: YahooSG - 🏆 3. / 71 Read more »

7 molest suspects to be charged; police say outrage of modesty cases on the riseSINGAPORE: Seven men will be charged in court on Monday (Oct 14) amid an increasing trend in outrage of modesty cases, the Singapore Police Force ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Singapore eases monetary policy for first time in 3 yearsSINGAPORE — Singapore's central bank eased monetary policy for the first time in three years on Monday (Oct 14), as widely expected, as the city-state's bellwether economy narrowly dodged recession.
Source: TODAYonline - 🏆 1. / 99 Read more »