Blockchain To Be Integrated Into Marine Logistics Industry In South Korea
Blockchain Technology To Be Integrated Into Marine Logistics Industry In South Korea
Blockchain technology has been thriving for a while now, which is mainly due to the many use cases that the rest of the world is discovering for it. In South Korea, there are two separate ministries that are looking to apply it to marine logistics, hoping to make the entire process exponentially more efficient. The two entities are the Ministry of Science, ICT and Future Planning and the Ministry of Oceans and Fisheries.
The Tuesday morning announcement described a new blockchain pilot projects that the ministries are collaborating on, hoping that the container shipping industry can become faster, more accurate, and more reliable. Luckily, for an immutable distributed ledger that is completely transparent, this is exactly the kind of use case it is prepared for.
The trial will mostly involve Busan’s southern port for the next year. With the transparency that blockchain technology provides, the ministries hope to make it easier to coordinate and form trust for the involved parties in shipping. It should also help with real-time information regarding tracking and distribution, though the import and export operations for the businesses stand to benefit greatly as well.
If successful, the ministries will hopefully be able to bring the fintech to other ports and areas, creating a network on the blockchain. However, this is one of only six pilots that the South Korean government established over the summer, which they’ve allotted $9 million for. The other industries that the government is covering include “livestock supply chain management, customs clearance, online voting, real-estate transactions and cross-border e-document distribution,” according to a CoinDesk report.
When this announcement was released in June, the Ministry of Science, ICT and Future Planning said,
“We will establish a roadmap for developing blockchain technology and plan to secure 90 percent of the technology level by 2022 compared to the world’s top countries.”
However, there could be many more blockchain pilots next year, along with the support of three projects that are privately examining and applying blockchain.
In November, the Korean Bar Association had urged regulators to prioritize the introduction of their new laws to ensure that the tech industry could flourish and that investors would have protection.