Singapore-headquartered maritime blockchain technology company Navozyme, supported by Maersk Drilling and the American Bureau of Shipping (ABS), has announced the formation of the Blockchain Registry Alliance for Vessels (BRAV), an initiative backed by the Maritime & Port Authority (MPA) of Singapore to speed up the ship registry process.
“Navozyme was founded to serve as an ‘enzyme’, a catalyst to address digitisation and eventual transformation of the maritime industry. We are very proud of our stakeholders and industry participants who have supported us in the architecture of radically enhancing the processes of global ship registry,” said Captain Jitesh Jaipuriyar, Chief Executive of Navozyme.
The blockchain-enabled system, specially designed for ship registry purposes, allows for real time exchange of data among authorised maritime stakeholders such as shipowners, classification societies, flag authorities, shipyards and other related organisations.
“This is an exciting opportunity for the industry to collaborate with Singaporean maritime authorities and start-ups to drive digitisation and improve the efficiency of the ship registry process to further strengthen Singapore’s position as a maritime hub,” added Jan Holm, Managing Director of Maersk Drilling Singapore.
“In Maersk Drilling, we are happy to contribute our ideas and learnings to this innovative project and expect the blockchain approach to provide significant efficiency gains.”