South Korean Government Trials Blockchain for Shipping Efficiency Boost
Two South Korean government ministries are exploring blockchain’s potential to bring new efficiencies to marine logistics.
Announced Tuesday, the country’s Ministry of Science, ICT and Future Planning and the Ministry of Oceans and Fisheries have launched a blockchain pilot project to see if the tech can help the nations container shipping industry become more efficient.
Starting this month, the trial will be conducted at the major southern port of Busan over the next year. Using blockchain tech, the project is aimed to increase transparency between parties in the shipping process, allow real-time sharing of information and ultimately improve import and export business operations.
If the pilot proves a success, the two ministries expect to expand the blockchain tech to other ports and areas in the country.