The Singapore Shipping Association (SSA), the International Chamber of Commerce (ICC) and blockchain firm Perlin are working together on an e-registry for ship registration and renewal process.
E-registry on Self Executing Smart Contracts
On Oct. 14. The Business Times reported that The International E-Registry of Ships (IERS) system is based on Perlin’s Wavelet, an open ledger for writing decentralized WebAssembly applications.
The e-registry will run on self-executing smart contracts while reducing time, costs and error occurrence in the registration process.
Maritime and Port Authority Singapore is testing the registration process with the system.
If the project is found to be fruitful in Singapore, the ICC will for the global adoption of IERS standards in the industry.
Blockchain Shipping in Other Projects
Singapore based 300 cubits, a pioneer in using blockchain for international shipping has given up on its TEU token, due to lack of business.
According to the statement by the company, it will burn at least 75 percent of the TEU tokens while continue to burn as they are being returned. The company said that it will continue to pursue other blockchain-related projects
Thailand custom agency is fusing with IBM Maersk’s Tradelens, a blockchain logistics company in order to keep track of its shipping ports.
Tradelens solution is a joint venture of IBM and Maersk, a logistic company. The merger is expected for an establishment of a well-organized tracking and information sharing.
The move from paperless to the digitization of the shipping process and the facilitation of immutable records are the benefits of adopting a blockchain-based shipping system.
Source: Cointelegraph.com | Image: cargox.io