South Korean Port Receives Blockchain Enhancements to Shipping Logistics

Government ministries in South Korea are pushing the nation’s blockchain infrastructure to the seas in a new marine logistics project.

Logistical supremacy

The Ministry of Science, ICT and Future Planning (MSIP) will be collaborating with the Ministry of Oceans and Fisheries (MOF) on the newly launched blockchain pilot. With the intentions of increasing container shipping efficiencies, the two ministries will begin the trial this month at one of the country’s largest shipping port in Busan.

According to an official press release, Busan’s major southern port will be one of the six major public demonstration projects as part of the USD 207 million Blockchain Technology Development Strategy, which had been originally announced in June, and includes plans for smart cities, factories, real estate and other sectors.

The project should be a rather telling moment for the blockchain industry due to the extent of the pilot. Busan’s port is reportedly the second largest port of transit in the world and according to Marine Insight, the port is the 5th busiest in the world. Furthermore, there are major companies who will be participating in the pilot, including 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).

Translated from the press release, the MSIP said: “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 MOF added that real-time data sharing can increase port logistics, which will be primed for the fourth industrial revolution. The press release notes that should the pilot prove successful, then the ministries will look to expanding the technology to other ports and regions of the country.

Buoyant blockchain

Earlier this year, it was revealed that Samsung was investing in blockchain shipping technologies. In September, the tech company had begun developing a blockchain platform for the South Korean Customs Services as well as 48 organizations from numerous sectors including shipping and insurance. A month later, Europe’s largest port partnered with Samsung, indicative of an industry set to marry with blockchain technologies.

Tech giant IBM is no stranger to blockchain endeavors either, and this year they have managed to partner their project with Hong Kong’s second largest shipping container terminal. The project which has garnered attention from a significant number of international operators and docking hubs which includes the Spanish port of Valencia.

 

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