The Singapore Shipping Association (SSA), in collaboration with the International Chamber of Commerce (ICC) and the blockchain company Perlin are working together on an e-registry for the process of renewal and ship registration.
The International E-Registry for Ships (IERS) is based on Perlin’s Wavelet, an open ledger for writing decentralized WebAssembly applications, which was published on October 14 in the Financial Daily Business Times. The blockchain E-register is executed with self-executing smart contracts. Reduction of time, costs, and errors in the registration process.
The initiative appealed to the Maritime and Port Authority of Singapore, which is testing the registration process with the system. If the system proves successful in Singapore, the ICC will seek a global adoption of IERS standards in the industry.
The market for blockchain solutions is in high demand in the maritime sector. At the end of August, Thai Customs announced that it would use the IBM Tradelens Blockchain solution. The platform is expected to streamline operations by managing consignment tracking and information exchange in Thai ports.
The maritime companies Ocean Network Express and Hapag-Lloyd joined the Blockchain tracking platform TradeLens in July. The platform aims to reduce paperwork, related costs, and logistics time — which was supposed $4 trillion at the time — with more than 80% of goods being transported by ocean shipping.
All this information stands as proof of how blockchain is empowering the future of the maritime industry. In this regard, BitNautic leads the race. BitNautic uses blockchain to promote a decentralized platform for cargo service. You can use BitNautic to choose a carrier based on their ratings from other users. In addition to this, BitNautic offers tracking services for your cargo to ensure maximum security and user satisfaction.