Blockchain to be integrated into the marine logistics industry in South Korea

Blockchain technology must be integrated into the marine logistics industry in South Korea

Blockchain technology It has been flourishing for a while now, which is mainly due to the many use cases that the rest of the world is discovering for this. In South Korea, there are two separate ministries that are trying to apply it to marine logistics, hoping to make the whole 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 one pilot blockchain projects which ministries are working on, hoping that the container transport industry can become faster, more accurate and more reliable. Fortunately, for an immutable distributed ledger that is completely transparent, this is exactly the type of use case for which it was prepared.

The process will mainly involve the southern port of Busan for the next year. With the transparency offered by blockchain technology, ministries hope to facilitate coordination and confidence building for the parties involved in the shipment. It should also help with real-time information on tracking and distribution, even if import and export operations for companies will greatly benefit.

If we succeed, the ministries hopefully can bring the fintech to other ports and areas, creating a network on the blockchain. However, this is one of only six drivers that the South Korean Government established during the summer, which awarded $ 9 million for. The other industries covered by the government include "management of the cattle supply chain, customs clearance, online voting, real estate transactions and distribution of cross-border electronic documents", 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 the development of blockchain technology and plan to ensure 90% of the technological level by 2022 compared to the main countries of the world".

However, there could be many more the blockchain pilots next year, together with the support of three projects that privately examine and apply blockchain.

In November, the Korean Bar Association had urged regulators to prioritize the introduction of their new laws to ensure that the technology industry could prosper and that investors would have protection.