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Korean pilot application of blockchain for logistics innovation in Busan port

A blockchain pilot project to innovate logistics services in Busan port to determine whether blockchain technology can increase transparency between all parties in the logistics industry, and streamline administrative processes in import and export operations and allow real-time data sharing.

Two Korean government ministries have launched a pilot blockchain project to renovate port logistics services, according to a press release from the Ministry of Science, IT and Future Planning (MSIT), released on 18th. twelfth.

MSIT, along with the Ministry of Ocean and Fisheries, is said to be testing whether this technology could make the Korean container shipping industry more efficient. According to the draft press release, the pilot project will operate for a period of one year at Busan port, the country's largest port and the busiest fifth port worldwide.

This initiative aims to determine whether leveraging blockchain technology can increase transparency between all parties in the logistics industry, streamline administrative processes in import and export operations and allow Real-time data sharing.

Both ministries collaborated on the project earlier this year, as part of the "Blockchain technology development strategy", officially announced by MSIT in June this year.

As reported, other core pilot projects in the strategy are planned in the areas of real estate, online voting, livestock case management, customs procedures and distribution of electrical materials. international death. The overall strategy aims to increase 230 billion won (about 204 million USD) by 2022.

If the logistics blockchain pilot transport project in Busan proves successful, both ministries plan to expand their initiatives on other ports across the country.

As reported in June, this year, South Korea announced a partnership with the US State Department to strengthen cooperation between the two countries in promoting the revolution known as the Fourth Industrial Revolution.

The term was coined by the World Economic Forum (WEF) to point out a range of groundbreaking technologies that fundamentally change the way we live, work and relate to others all over the world. gender. WEF recognizes the main role of blockchain in the revolution in early 2016.

In another important news about the blockchain and shipping industry globally, in August, IBM and the logistics giant Maersk launched a global shipping solution that supported the blockchain, including 94 participating organizations. and 154 million shipping events were seized at the time of launch.