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

Bitcoin bull market top to be beyond $60K as miners and whales drive price higher

Bitcoin has recorded a 101% return in Q1 this year, outperforming many traditional assets. Institutional demand continues to be a massive driver for the Bitcoin price. Miners have stopped selling the leading cryptocurrency, and Bitcoin whale addresses have been increasing. 

More Bitcoin News

Chainlink Price Prediction: LINK approaches make-or-break point

Chainlink price failed to overcome the resistance barrier at $35 for the third time in a row. A decisive close above $37.40 could seal the bullish fate, but a breakdown of $30 could also trigger a downtrend.

More Chainlink News

Dogecoin pauses before continuing 35% ascent

Dogecoin price breached an ascending triangle pattern on April 11, triggering a bull run. DOGE spiked nearly 17% in a single candle on the 12-hour chart hitting $0.080. Now, a retracement to the immediate support level at $0.071 seems likely before it starts to climb again.

More Dogecoin News

XRP price rally and Ripple's legal victories could mean settlement with SEC impending

Ripple Labs and its executives scored another victory recently in its ongoing legal battle against the US Securities & Exchange Commission. Judge Sarah Netburn denied the SEC access to the personal banking information of Brad Garlinghouse and Chris Larsen.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move

Bitcoin’s mainstream adoption has soared over the last couple of months, with institutions like Visa, Goldman Sachs, Morgan Stanley, and others dipping their toes in the BTC markets. Likewise, prices look primed to advance further despite the ongoing consolidation phase.

Read the weekly forecast

BTC

ETH

XRP