A consortium led by Samsung SDS has successfully concluded a blockchain trial on storage in marine transport, The Korea Herald reported.
The consortium, which counts 38 entities from private and public sectors, has tested the blockchain technology since May.
Samsung SDS said that blockchain technology enables importers and exporters to make transactions of documents, such as bill of landing and letter of credit, in a secure way. The decentralized system removes the threat of forgery and tampering.
It also stated that the technology helps in tracking and storing information such as location, temperature, humidity and external shocks en route – which help in identifying the point of failure in case of damaged goods.
"Through this pilot project, we have confirmed that the block chain technology can raise the level of shipping logistics information network to a new level,” Kim Hyung-tae, vice president of the logistics division at Samsung SDS, said (loosely translated).
The official release stated:
“Samsung SDS agreed with the companies participating in the consortium to embody the pilot project results so that they could be applied to the actual logistics. The government and research institutes decided to review the laws and policies to apply the block chain technology.”
Samsung SDS, along with the Korean government, launched the consortium earlier this year to bring blockchain technology to the country’s shipping industry. Last month, it announced that it has become the first domestic company in South Korea to expand its blockchain business to the public sector, following a new deal with the Seoul Metropolitan Government.
