THE Singapore Shipping Association says it is working with the International Chamber of Commerce and Singapore tech startup Perlin to build an advanced digital blockchain ship registration system for international adoption.
Called the International E-Registry of Ships (IERS), it is said to be an entirely new digital blockchain-based solution to streamline, standardize and improve the currently laborious ship registration and renewal process.
Immediate advantages are expected to include significant reductions in operating costs, timing required, human error and fraud.
“The Singapore flag is already a nexus for global maritime trade and innovation,” SSA council member and chairman of the Digital Transformation Committee Steen Brodsgard Lund said.
“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.”
Singapore is the fifth largest registry in the world with around 4,500 ships.
Such collaboration is expected to improve the efficiency of the ship registration process for the Singapore flag, which is currently done via the Marinet web portal.
The Maritime and Port Authority of Singapore is supporting this industry-led initiative via knowledge sharing of the IERS ship 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,” said chief executive Quah Ley Hoon. “We are happy to show our support to such initiatives which can bring greater efficiencies to the shipping industry,” she said.