South Korean Carrier Completes Blockchain Pilot Voyage
South Korea’s Hyundai Merchant Marine (HMM), in collaboration with members of the shipping and logistics blockchain consortium, has successfully completed its first pilot voyage using blockchain technology.
The ten-day voyage was conducted from Busan in South Korea to Qingdao, China using a vessel with reefer containers on board. HMM applied blockchain technology to this voyage, from shipment booking to cargo delivery. The combination of blockchain and Internet of Things (IoT) was tested and reviewed through real-time monitoring and managing the reefer containers on the vessel.
HMM stated that applying blockchain in the shipping and logistics industry will enable all involved parties to securely share information such as certificate of origin and customs clearance information, and will also reduce a “tremendous amount of paperwork – such as inputting booking information and bill of lading – thus improving work efficiency. Data will also be safer with stronger security through public-key cryptography.”
“We are reviewing various ways to improve our service and its quality through adopting IT technologies,” said a company statement that was unattributed. “By adopting the high-end IT technologies such as blockchain and IoT in shipping and logistics, we will become one of the pioneers of the Fourth Industrial Revolution within the industry.”
The South Korean carrier is planning to begin its second pilot voyage next month with dry containers, expanded blockchain technology procedures, and IoT technology in more diverse destinations, such as India, China, and Thailand.
Hyundai Merchant Marine is the world’s 14th largest container line in terms of vessel capacity. HMM has formed a global business network with four international headquarters, 27 subsidiaries, 76 branches, five overseas offices and 10 liaison offices. It is highly regarded as one of the world’s top integrated-logistics companies with its targeted market prospects, efficient organization, top personnel, and advanced Internet systems.
