Confirming Singapore’s position as an international hub for innovation, the Singapore Shipping Association (SSA) is working with the world’s largest business organisation, the International Chamber of Commerce (ICC) and pioneering Singapore tech startup Perlin, to build an advanced digital blockchain ship registration preparation system for international adoption.
Called the International E-Registry of Ships (IERS), it is an entirely new digital blockchain-based solution 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.
“The Singapore flag is already a nexus for global maritime trade and innovation. The Singapore Shipping Association has been actively encouraging and promoting the adoption of new technologies to navigate the future of shipping. This opportunity to collaborate with the ICC and Perlin to co-create the world’s first blockchain system for preparation of ship registration not only brings solid efficiency gains and cost savings for our members but also the wider global maritime community,”
said Steen Brodsgaard Lund, SSA Council Member and Chairman of the Digital Transformation Committee.
Singapore is the fifth largest registry in the world with a fleet of around 4,500 ships amounting to 91 million gross tons. Such collaboration may have the potential to improve the efficiency of the ship registration process for the Singapore flag, which is currently done via the Marinet web portal. Such a solution will also benefit other ship registries who are using manual and paper-based processes.
The Maritime and Port Authority of Singapore (MPA) is supporting this industry-led initiative through knowledge sharing of the IERS ship registration process and exploration of an open Application Programming Interface (API) interface in the registration process.
“MPA is heartened that SSA is galvanising the maritime industry to come together to leverage relevant technologies to streamline the preparation process in ship registration. We are happy to show our support to such initiatives which can bring greater efficiencies to the shipping industry,”
said Ms Quah Ley Hoon, Chief Executive of the Marine and Port Authority of Singapore.
Essentially, the IERS will be powered by Perlin’s pioneering 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. Automated document checking and API integration from trusted data sources will also render inefficient manual systems currently used effectively obsolete.
“As a blockchain company focused on harnessing positive technological disruption, we are greatly honoured to be working with key partners like the ICC, MPA, SSA, and shipping companies to ensure Singapore remains at the forefront of digital innovation in port and maritime infrastructure. Using our pioneering Wavelet Protocol, the most performant public blockchain in the world, we can make the new IERS a world standard for best practice,”
explained Dorjee Sun, Chief Executive Officer of Perlin.
Once successfully implemented in Singapore, the ICC will provide active and ongoing support for global adoption of the IERS standards, systems and technology developed by Perlin among its vast international network of members, affiliated chambers and other business networks. The ICC will also assist with the submission of Singapore’s IERS in all international government tenders.
“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,”
said John Denton AO, Secretary General of the ICC.
Aside from the ICC and Perlin, the IERS is championed by key stakeholders, such as the SSA, DNV GL, Zeaborn, Pacific International Lines, Executive Ship Management, and a growing list of others. Consolidating Singapore’s position as a pioneer and global centre for innovation in vessel registration and renewal, it is likely that other jurisdictions will seek to integrate the IERS transformative digital platform to access the very substantial available benefits.