In Singapore, the blockchain will be used to register ships

The Singapore Maritime Shipping Association (SSA), together with the International Chamber of Commerce (ICC) and Perlin, will develop a blockchain system for registering ships.

It is expected that the system will reduce the time, cost and number of errors in the process of registering ships. The blockchain platform will be developed on the basis of the open Perlin Wavelet protocol, and the electronic registry of ships will be created using smart contracts.

The port of Singapore is one of the world’s largest seaports. During the year, it serves about 4,500 ships that carry 91 million tons of cargo. Testing of the system will be held with the participation of the port authorities of Singapore and, with the successful launch of the pilot program, ICC intends to introduce similar standards around the world.

“ICC considers Singapore a dynamic international center for industrial innovation. Together with Perlin, we are creating the IERS system – the first world registry of marine vessels on the blockchain. We will show the benefits of this system and it will be accepted everywhere, ”said ICC Secretary General John Denton.

Recall that IBM and Maersk successfully use the TradeLens blockchain platform to track supply chains and shipping. The system is already used by several large freight carriers and seaports, including in Russia.