South Korea Pilots Blockchain Tech for Port Logistics Innovation

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As per the press release from Ministry of Science, ICT and Future Planning (MSIT), two South Korean Govt. minister has started a blockchain pilot for port logistics innovation.

MSIT along with the Ministry of Oceans and Fisheries is testing whether the technology can make South Korea’s container shipping industry more efficient. According to the press release, the pilot will run for one year in the Port of Busan, the nation’s largest port.

The initiative intends to determine whether leveraging blockchain can successfully increase transparency among all parties in the logistics industry, streamline administrative processes in import & export operations and allow for real-time data sharing.

Both ministries have been partnering on the project as of early as part of a blockchain “Blockchain Technology Development Strategy,” officially declared by MSIT this June.

As reported, the other pilots in the strategy are outlined, across the fields of online voting, real estate, international e-document distribution, livestock record management, and customs clearance.  The overall strategic plan is to raise around $204 million by 2022.

If the blockchain pilot at Busan will prove successful, both ministries intend to expand the initiative across other ports nationwide.

As published in June, South Korea has this year announced a collaboration with the US department to strengthen the two nations’ alliance in advancing the so-called “Fourth Industrial Revolution.”

The name has been given by the World Economic Forum to indicate a series of technological breakthroughs that “will fundamentally change the way we live, work and relate to one another across the global polity.” The WEF distinctly recognized blockchain’s significant role in the Revolution as early as 2016.