Yesterday, the Singapore Shipping Association (SSA) said it is working with the International Chamber of Commerce (ICC) and blockchain startup Perlin for a ship registration system. The blockchain-based International E-Registry of Ships (IERS) is being developed to enhance the cumbersome process of ship registration and renewal.
Maritime and Port Authority of Singapore (MPA) is supporting this project and is exploring an open Application Programming Interface (API) interface for the registration process.
Owing to its geographical position, Singapore is one of the biggest ports in the world. It also has the fifth largest ship registry in the world, with a fleet of over 4,700 vessels. The current process of ship registration involves a declaration of ownership, builder’s certificate, sale documents and a certificate of ship survey, among other things. This requires a lot of paperwork to verify that a vessel meets regulatory requirements.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
