The Singapore Freight Association (SSA) has partnered with the Singapore technology startup, Perlin, and the International Chamber of Commerce (ICC) to develop an electronic freight system based on blockchain technology. This was announced by the Business Times on October 14.
The Business Times media had access to the press release in which the news was shared, in which they expressed that from this association they hope to build the International Electronic Ship Registration System (IERS), with which they plan to achieve a drastic improvement in the processes of registration and renewal of ships; With this system they aim to obtain a reduction in time, costs, errors and fraud associated with the aforementioned processes, according to the statement.
According to Business Times, the IERS system will be based on the Perlin’s Wavelet protocol. From this protocol an electronic blockchain registry will be created, which will be carried out in self-executing smart contracts. The source added that this system will have “a simplified relationship management platform and simplified data entry user systems.”
The initiative also has the support of the Maritime and Port Authority of Singapore, an authority that has shared the IERS ship registration process and is “exploring an open application programming interface in the registration process,” Business Times reported. .
In this regard, the Secretary General of ICC, John Denton, expressed the following:
“The ICC recognizes Singapore as a highly dynamic international center for continuous industry innovation. Working with Perlin, our goal is for the IERS built in Singapore as the world’s first blockchain digital shipping registry solution to be displayed and adopted worldwide to help drive the next 100 years of shipping-based commerce in all industries. ”
Expectations around the IERS also include its possible global adoption if its implementation in Singapore is successful. As noted by the Business Times, the ICC will promote the international adoption of IERS standards among its members and affiliated chambers in case of a successful initial implementation. In addition, this international organization “will help present the IERS in all international government tenders.”
Logistics and transport history with Blockchain
There are several associations and logistics companies that have shown interest in exploring the potential of blockchain technology for their processes. Last June, the multinational logistics and transport services Panalpina announced the start of three pilot projects based on blockchain technology, with the aim of taking advantage of its benefits to increase the efficiency of its supply chains, according to the Swiss company.
Panalpina is also a member of the blockchain initiative for BiTA (Blockchain in Transport Alliance), which Canadian Pacific, a transcontinental railroad between the United States and Canada, joined in July to support this partnership in terms of creating blockchain standards that allow interoperability among participants in the global supply chain.
In June, the Port of St. Petersburg joined the TradeLens blockchain platform for the launch of a pilot project in that port, after agreement with the Russian authorities, according to the Danish conglomerate Maersk, the largest operator of supply ships and container ships of the world and one of the promoters of TradeLens.
It should be noted that TradeLens is a blockchain platform developed by Maersk and IBM for supply chains; and is backed by the main companies in the logistics sector. In July, the fifth and sixth largest maritime company in the world, Hapag-Lloyd and Ocean Network Express (ONE) respectively, joined TradeLens.
In late August, Thailand’s Customs Department announced that it would use the TradeLens blockchain platform to improve information exchange, shipment tracking and streamline procedures.
Recently, the Spanish company Carreras Grupo Logística joined the blockchain network TradeLens. According to a press release, the Spanish group will use this platform for its land and sea transport operations.