The Singapore Shipping Association (SSA), the International Chamber of Commerce (ICC) and blockchain firm Perlin are jointly working on an e-registry for the ship registration and renewal process.

Running on self-executing smart contracts

The International E-Registry of Ships (IERS) system is based on Perlin’s Wavelet, an open ledger for writing decentralized WebAssembly applications, financial daily Business Times reported on Oct. 14. The blockchain e-register will run on self-executing smart contracts, purportedly reducing time, costs and occurrence of errors in the registration process.

The initiative found favor with the Maritime and Port Authority of Singapore, which is testing the registration process with the system. If the system proves to be successful in Singapore, the ICC will bid for global adoption of IERS standards in the industry.

Some rise, some fall

The market for blockchain-powered solutions has become highly demanded in the maritime sector. In late August, Thailand’s Customs Department announced it would use IBM’s Tradelens blockchain solution. The platform is expected to streamline operations by managing shipment tracking and information sharing in Thai ports.

Maritime shipping firms Ocean Network Express and Hapag-Lloyd joined blockchain tracking platform TradeLens in July. The platform aims to cut paperwork, associated costs and time in the logistics industry — which reportedly accounted for $4 trillion at the time — with over 80% of the goods carried by the ocean shipping sector.

However, some blockchain shipping initiatives fell short of initial aspirations, with blockchain shipping startup 300cubits suspending operations of its booking module and the circulation of its TEU token in October. Low transaction volume — with only a couple hundred containers using the system — made the operation unfruitful.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

MATIC continues to march higher with $3 in sight

MATIC price action has certainly been some of the most dramatic post flash crash. Multiple vigorous attempts by short-sellers to push MATIC lower have all failed and have led to MATIC pushing towards new all-time highs. MATIC price action, in case you ...

More Polygon news

Dogecoin bears leave the scene as DOGE rises towards $0.24

Dogecoin price holds steady near the $0.18 value area, halting any further downside movement. Buyers appear to be showing up and preparing Dogecoin for a big launch higher. Explosive bullish entry present on the Point and Figure chart.

More Dogecoin news

XRP constricts before breaking out to $1

XRP price, like almost every other cryptocurrency, showed strong signs of recovery after the shock of this past Saturday’s flash crash wore off. The past three days of congestion after a strong rally from the lows may begin a new uptrend for XRP.

More Ripple news

Ethereum in a pennant, with bullish breakout as tailwinds reemerge

Ethereum (ETH) price has formed a pennant that quit rapidly after the big sell-off during the weekend. Between $4,646 and $4,060, the price ranges from lower highs and higher lows.

More Ethereum news

The bull and the bear case for BTC

Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time. 

Read full analysis

BTC

ETH

XRP