Pioneering SSA project to transform registries

(Posted on 15/10/19)

Confirming Singapore’s position as an international hub for innovation, the Singapore Shipping Association (SSA) is working with the world’s largest business organisation, the International Chamber of Commerce (ICC) and pioneering Singapore tech start-up Perlin, to build an advanced digital blockchain ship registration preparation system for international adoption.

Called the International E-Registry of Ships (IERS), it is an entirely new digital blockchain-based solution to streamline, standardize and drastically improve the currently laborious ship registration and renewal process. Immediate advantages will include very significant reductions in operating costs, timing required, human error and fraud.

“The Singapore flag is already a nexus for global maritime trade and innovation. 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,” said Steen Brodsgaard Lund, SSA Council Member and Chairman of the Digital Transformation Committee.

Singapore is the fifth largest registry in the world with a fleet of around 4,500 ships amounting to 91 million gross tons. Such collaboration may have the potential to improve the efficiency of the ship registration process for the Singapore flag, which is currently done via the Marinet web portal. Such a solution will also benefit other ship registries who are using manual and paper-based processes.

The Maritime and Port Authority of Singapore (MPA) is supporting this industry-led initiative through knowledge sharing of the IERS ship registration process and exploration of an open Application Programming Interface (API) interface in the 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. We are happy to show our support to such initiatives which can bring greater efficiencies to the shipping industry,” said Ms Quah Ley Hoon, Chief Executive of the Marine and Port Authority of Singapore.

Essentially, the IERS will be powered by Perlin’s pioneering Wavelet Protocol to create a blockchain E-register powered by self-executing smart contracts, a streamlined relationship management platform, and vastly simplified data entry user systems. Automated document checking and API integration from trusted data sources will also render inefficient manual systems currently used effectively obsolete.

“As a blockchain company focused on harnessing positive technological disruption, we are greatly honoured to be working with key partners like the ICC, MPA, SSA, and shipping companies to ensure Singapore remains at the forefront of digital innovation in port and maritime infrastructure. Using our pioneering Wavelet Protocol, the most performant public blockchain in the world, we can make the new IERS a world standard for best practice,” explained Dorjee Sun, Chief Executive Officer of Perlin.

Once successfully implemented in Singapore, the ICC will provide active and ongoing support for global adoption of the IERS standards, systems and technology developed by Perlin among its vast international network of members, affiliated chambers and other business networks. The ICC will also assist with the submission of Singapore’s IERS in all international government tenders.

Latest News

AtoB@C Shipping takes delivery of Fleximar

AtoB@C Shipping, a subsidiary of ESL Shipping, has announced the successful delivery of Fleximar, the... Read more

Western Bulk re-enters ship ownership with selected partners

Western Bulk, together with reputable Norwegian partners A/S J. Ludwig Mowinckels Rederi, Premium Maritime... Read more

Pacific Basin announces formation of a Sustainable Energy Solutions team

Pacific Basin Shipping Limited, one of the world’s leading dry bulk shipping companies, has announced... Read more

Columbia expects significant growth as more owners shift operations to the UAE

Columbia Group anticipates a period of strong expansion as an increasing number of international shipowners... Read more

Norse Ship Management emerges as digital leader among new-generation ship managers

Norse?Ship Management has expanded its use of Smart Ship Hub’s high frequency sensor data and... Read more

Maritime health experts welcome STCW amendments, but urge against checkbox compliance

As the maritime industry gears up to welcome the IMO’s STCW bullying and harassment training amendments... Read more

NORDEN acquires Southern African cargo activities of Taylor Maritime

NORDEN has acquired the cargo activities of Taylor Maritime in Southern Africa (previously operated... Read more

IMO delay could spark fragmentation risks, warns EmissionLink

Philippos Ioulianou, Managing Director of EmissionLink, has warned the IMO’s decision to delay... Read more

VIKAND highlights bullying and harassment as major mental health concern

VIKAND has highlighted the need for cultural change in the maritime sector as reports of bullying, harassment... Read more

DNV and WMMF guide to support shipowners' path to net-zero

The maritime industry is experiencing a period of significant transformation, driven by rapidly evolving... Read more