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South Korean consortium tests blockchain application in shipping and logistics
Samsung SDS has announced the interim results of a pilot project that involved the application of blockchain technology in shipping and logistics sector, Korea Joongang Daily reported.
The pilot project was carried out by a consortium, comprising of 15 companies and government agencies, announced in May. Samsung SDS is the consortium’s IT service partner.
“Top-notch technologies like the blockchain and Internet of Things [sensors] will be a game changer for the traditional logistics business,” said Kim Hyung-tae, executive vice president at Samsung SDS, which recently announced its plans to apply IoT throughout logistics.
The first trial run involved a shipment from Korea to China made by Hyundai Merchant Marine. According to the results, blockchain application helped in enhancing the efficiency of the whole process from booking the shipment to cargo delivery.
The technology reduced the amount of paperwork and time needed to share information between various parties, including shipping companies, cargo owners, and terminal operators. Certificate of origin, customs clearance, and other relevant documents were encrypted in digital ledgers that were distributed to all parties in the supply chain.
During the trial run, Hyundai Merchant Marine installed sensors on its reefer containers, which enabled real-time monitoring and management of the containers. The consortium believes that the sensors, together with blockchain technology, would enable immediate information sharing between multiple parties.
The consortium now plans to apply blockchain technology to other services linked with shipping and logistics, such as finance and insurance. It is also planning to test the system on routes bound for Southeast Asia, the Middle East, and Europe. The next test voyage is scheduled to take place in October, according to Hyundai Merchant Marine.
The announcement follows the launch of a blockchain platform for the marine insurance sector by EY and Guardtime, in collaboration with A.P. Møller-Maersk A/S, ACORD, Microsoft, MS Amlin, Willis Towers Watson and XL Catlin.
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