Singapore transfers ship registration to blockchain
October 15, 2019
The International Chamber of Commerce approved the decision of the Association of Singapore Courts to start transferring the registration of water transport to the blockchain. This process will be carried out in conjunction with the Perlin blockchain company, as a result of which the electronic recording of the vessel's arrival and departure data will be organized at the output, and everything will be done using a distributed registry.
The ship registration system itself will be based on the Perlin open blockchain and will allow you to host various useful decentralized applications on the basis of the distributed registry. What is very important - all the technical and routine work on registering ships will be carried out using smart contracts that will be concluded and executed without human intervention. This innovation is expected to lead to a reduction in time costs, a reduction in material and financial expenses, and also reduce to almost zero the likelihood of any errors in the process of registering ships. This initiative was warmly supported by the Singapore government authority, the Maritime and Port Operations Authority.
All this once again demonstrates that the blockchain finds its significant application not only in the field of finance, which led to the emergence of the phenomenon of cryptocurrencies and tokens. The shipping industry is also a development point for the application of distributed ledger technology. So, at the end of August, the Thai Customs Service announced that it was starting to use the TradeLens blockchain from the American corporation IBM in its work. Thai officials have already noted that this innovation has increased efficiency in tracking the movement of maritime transport, as well as information processing processes in the ports of the country. Even earlier, in July, major global shipping players, Ocean Network Express and Hapag-Lloyd, also began using TradeLens blockchain solutions.