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Blockchain for Port Logistics in Korea
After the pilot project, the government will determine if blockchain technology can be used successfully to increase or not transparency in the logistics sector. In addition, it will be used to simplify administrative processes during import and export and to allow real-time data sharing.
The two ministries involved in the project reported having worked on it from the beginning of the year. It is part of what they call "Blockchain Technology Development Strategy". However, an official announcement was not made until June.
While this pilot is exploring blockchain technology in import and export logistics, the Korean government is working on other projects ranging from blockchain application to online voting, real estate, record keeping, customs clearance and distribution international electronic documents. The goal is to raise $ 204 million before 2022.
Expansion of the project through the doors
The press release said that if this one-year pilot in Busan port is successful, both ministries will extend the project to other ports nationwide. In June it was reported that South Korea is planning to work with the US State Department on a project to strengthen the border between the two countries as they advance in the "Fourth Industrial Revolution".
This collaboration is called the "World Economic Forum". The name was chosen to indicate the series of technological discoveries that will radically change the way people live their lives globally. The WEF has already recognized the role that blockchain technology will play in this technological revolution.
This is not the only major news for the blockchain industry right now. Regardless of the dying cryptocurrency market, the blockchain industry has made significant progress this year. This shows that cryptocurrency is just one of the many applications of blockchain technology.
At another end of the blockbuster continuum, IBM technology giant in collaboration with Maersk, a Danish logistics and transportation giant, launched a blockchain-based global shipping solution. At the time of launch, there were about 94 participating companies and 153 million shipping events already under way.
