South Korea Trials Blockchain For Container Shippingbr>
Two South Korean government ministries have launched a blockchain pilot to explore the technology’s potential in the container shipping industry.
The South Korean ministry for science and ICT and the ministry for oceans and fisheries announced on Tuesday that they will be testing blockchain to see if the technology can improve transparency between parties, enhance the real-time sharing of information, and increase imports and exports.
“We expect that the blockchain technology will be used in various fields such as port logistics, where various parties are involved and data sharing is important in order to improve business process and service innovation,” the Ministry of Science, ICT and Future Planning said in a statement.
The pilot will reportedly start in January and will run over a period of one year in the Port of Busan, the fifth busiest container port in the world and the largest transhipment port in north-east Asia. Participating companies include Busan New Port International Terminal, Hyundai New Port, Busan New Port Co., Ltd. (Container Terminal), Hyundai Merchant Marine (Shipping Company), and Lotte Global Logistics (Shipping Company).
If the pilot proves a success, the ministries will consider expanding blockchain to other ports and areas in the country.
The blockchain pilot is one of the six major public demonstration projects of South Korea’s “Blockchain Technology Development Strategy. The country is also conducting blockchain pilots in online voting, livestock supply chain management, real estate transactions, cross-border e-document distribution, and customs clearance.