HashCash plans to bring Blockchain into the Korean naval sector

HashCash plans to bring Blockchain into the Korean naval sector

HashCash is in talks to provide a blockchain infrastructure for advanced resource management in the second largest country in the world in shipbuilding.

SAN FRANCISCO (PRWEB) 10 December 2018

The naval industry and naval industries in South Korea have found a new outlook on life in October 2016, when their government announced plans to provide industry support. The scheme to achieve this will involve software development providers actively participating in making shipbuilding companies technologically robust. In the wake, the California-based blockchain company, HashCash Consultants, intends to confirm a link with a major naval construction company to give its infrastructure a blockchain remake.

The government's goal is to attract 250 or more ship orders by the end of 2020 in an effort to rescue the local shipyards that are suffering the consequences of the faltering global demand. This would mean revenues of around $ 9.5 billion. It is also expected that the industry will receive between five and six billion dollars of aid to continue efforts to achieve greater efficiency and high added value services. As a result of these constructive steps, the volume of shipbuilding orders in South Korea reached the CGA six million, an increase of four million dollars compared to the previous year.

Capital and R & D assistance provided by the government (as announced by new measures taken in November 2018) have enabled industry players to collaborate with software development companies. HashCash Consultants is in talks to develop a blockchain platform at the forefront of an important Korean shipbuilder and to integrate its current technological infrastructure with the blockchain platform. The main purpose of this is to enable the effective management of resources and the product lifecycle management system. The preliminary phase of the project is hypothesized to start in 2019.

A blockchain is basically a decentralized and distributed ledger where each data is marked with a unique hash code and stored in interconnected nodes. This also makes it impossible to make unauthorized changes to the data cache, providing reliability and transparency to supply chains based on this technology. A blockchain also uses smart contracts to validate and record transactions that transpire within its network. Smart contracts, in simple terms, are IT protocols that operate on predetermined conditions. Since these are completely automated, there is no possibility that it is biased towards a particular part.

A ship is built by assembling several separate components such as the propeller, engines and electronic systems necessary for navigation. The large shipbuilding companies use a wide range of products that allow them to build ships that meet the specific needs of their customers. They could be LNG transporters, LPG transporters, drilling vessels, tankers, complete container ships and other special purpose vessels. These components can be manufactured by the same company or from other manufacturers. In any case, it is essential to maintain a transparent supply chain to guarantee quality and efficiency.

The incorporation of blockchain will also have the added benefit of reducing the wake of the card as most of the operations that have traditionally been made on paper will be performed electronically in a blockchain network. Because blockchain operations (such as real-time reconciliation between nodes) require a fraction of the time normally used by other systems, they also save energy.

The South Korean government has favored its responsibility towards the environment, without compromising its objective of strengthening its economy and leading to a paradigm shift in the shipbuilding sector. It aimed to place orders for 140 liquefied or LNG ships from small and medium-sized naval companies by 2025. Not only are LNG carriers required worldwide, but also have a low environmental impact and low fuel costs.

About HashCash consultants

The HashCash consultants started out as a Blockchain consulting firm in California. Today, HashCash products enable companies to move resources and settle payments across borders in real time using the HashCash Blockchain network, HC NET. Financial institutions use HC NET for retail remittances, corporate payments, trade finance and payment processing. HashCash also manages the exchange of cryptocurrencies in the United States, PayBito and the main payment processor Cryptocurrency, BillBitcoins. HashCash offers white label solutions for the exchange of cryptocurrencies and payment, complete ICO services and design and development of custom use cases.

Contact the author

Joanne Foster commercial concern
+14158003465
Email>