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South Korean conglomerate SK C&C develops blockchain-based logistics system

SK C&C, a subsidiary of South Korean conglomerate SK Group, has come up with a new logistics system that is based on blockchain technology, Korea JoongAng Daily reported.

The new blockchain service aims to accelerate digitization of cargo shipping and other logistical services. As traditional methods record and save logistics data in central databases, blockchain allows multiple parties involved in a logistical process, including cargo owners and shipping firms to share and manage data related to cargo all at once.

“Currently, shipping companies and each land carrier have independent logistics systems that are often incompatible,” a spokesperson fromSK C&C stated, as reported by the Korean media. “In such a case, cargo management data needs to be reconfirmed and recorded every time the cargo is transferred to another sub-carrier, making the logistics process inefficient.”

The blockchain logistics service by SK C&C will make use of affiliate SK Telecom’s network to track and manage cargo containers and its IoT network will allow real-time tracking of each container’s location while it is traveling on land through IoT sensors attached to the container.

These IoT sensors can also track the container’s inside temperature as well as humidity and can collect some data at sea, which can only be shared to customers when the cargo arrives on land because the network has not yet been established at sea.

Earlier this month, SK C&C tested blockchain technology on those containers that were delivered from Korea to Shanghai.

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July 26 14:00 UTC Released

USNew Home Sales Chg MM*

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0.8 %

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1.4 %

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2.9 %

July 26 14:00 UTC Released

USNew Home Sales-Units*

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0.610 mln

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0.615 mln

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0.610 mln

July 26 15:30 UTC 4747m

JPForeign Exchange Flows*

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-2.949 bln

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BRForeign Exchange Flows*

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-2.949 bln

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BRForeign Exchange Flows*

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-2.949 bln

July 26 18:00 UTC 197197m

USFed Funds Target Rate

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1.125 %

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1.125 %

July 26 23:00 UTC 497497m

KRNew Home Sales-Units*

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2.7 mln

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2.9 mln

July 26 23:00 UTC 497497m

EZGDP Growth QQ*

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0.6 %

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1.1 %

July 26 23:00 UTC 497497m

EZGDP Growth YY*

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2.7 %

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2.9 %

July 26 23:00 UTC 497497m

KRGDP Growth QQ*

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0.6 %

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1.1 %

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