South Korean shipping companies are about to receive an effective marine logistics system which is brought together by two government ministries. Ministry of Science, ICT and Future Planning and the Ministry of Oceans and Fisheries have come together to launch a blockchain powered project to upgrade the container shipping industry of South Korea. The success of this pilot project will decide the fate of other operating ports of the country.
The trail of this ledger based project will begin very soon with the southern port of Busan. It is believed that this project will help in alleviating transparency between traders allowing them to share the data or information in real-time which will result in enhanced import and export business operations. This system will be capable of removing data errors and will help in rapid and convenient logistics operation between the trading parties.
This project is one of the six major projects that were announced earlier in June this year as ‘Block Chain Technology Development Strategy.’ This collaboration was done at the beginning of this year for the adoption and integration of blockchain in the systems of ports for the benefit of shipping companies, as mentioned by MSIT.
Future Of Maritime Blockchain In South Korea
According to Port Technology, the blockchain based solution in the field of container shipping has been one of the high-end markets this year. Some major path-breaking announcements were done this year which have brought in competitiveness among the leading shipping firms for the adoption of this future technology.
IBM’s TradeLens platform has made quite a lot of headlines with the star and high rated reviews from the end users. The South Korean government foresaw the immense potential of blockchain and begun experimenting with it at a very early stage. The shipping companies operating from South Korea will receive an added advantage of this blockchain deployment at such massive scale.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]