The IERS is an entirely new digital blockchain-based solution to streamline and enhance the ship registration and renewal process that take too much time. Thus, the blockchain partnership aims to reduce operating costs, timing required, human error and fraud.
For instance, as Singapore is the fifth largest registry in the world with a fleet of around 4,500 ships amounting to 91 million gross tons, the blockchain would improve the efficiency of ship registration process for the Singapore flag.
The IERS will be operated 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.
Also, through the blockchain, the stakeholders will conduct automated document checking and API integration from trusted data sources.
MPA Singapore is in favour of this project, with Ms Quah Ley Hoon, Chief Executive commenting
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.
According to the statement, when the blockchain project is successfully completed, 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.
Recently, the SSA formed a new Digital Transformation Committee aiming to gather major smart players and their expertise to boost technology.