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Singapore launches project to trial blockchain registration system

The Singapore Shipping Association (SSA), the International Chamber of Commerce (ICC) and blockchain firm Perlin have confirmed they are working on a blockchain-based ship registration and renewal system.

{mprestriction ids="1,2"} Known as the International E-Registry of Ships (IERS), the system will reduce time, costs and errors by running on self-executing smart contracts. In a joint press release, the companies stated that the system hopes to “drastically improve the currently laborious ship registration and renewal process.”

The IERS will be powered by Perlin's Wavelet 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 Maritime and Port Authority of Singapore is testing the IERS ship-registration process and looking into an open Application Programming Interface in the registration process.

Once the IERS has been successfully tested in Singapore, ICC says it hopes for global adoption of the standard among its members and affiliated chambers. The ICC will also help submit the 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.{/mprestriction} 

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