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Singapore Shipping Association to Deploy Blockchain for Ship Registration

Published 10/14/2019, 11:55 AM
Updated 10/14/2019, 12:01 PM
© Reuters.  Singapore Shipping Association to Deploy Blockchain for Ship Registration

© Reuters. Singapore Shipping Association to Deploy Blockchain for Ship Registration

The Singapore Shipping Association (SSA), the International Chamber of Commerce (ICC) and blockchain firm Perlin are jointly working on an e-registry for the ship registration and renewal process.

The International E-Registry of Ships (IERS) system is based on Perlin’s Wavelet, an open ledger for writing decentralized WebAssembly applications, financial daily Business Times reported on Oct. 14. The blockchain e-register will run on self-executing smart contracts, purportedly reducing time, costs and occurrence of errors in the registration process.

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