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Two ministries of the South Korean government are exploring the potential of the blockchain to bring new efficiencies to marine logistics.
On Tuesday, the Ministry of Science, ICT and Future and the Ministry of Oceans and Fisheries have launched a blockchain pilot project to see if technology can help the container shipments industry become more efficient.
Starting this month, the process will be conducted in the main southern port of Busan in the next year. Using blockchain technology, the project aims to increase transparency between the parties in the shipping process, enable real-time sharing of information and ultimately improve import and export operations.
If the pilot proves a success, the two ministries plan to extend blockchain technology to other ports and areas of the country.
The marine logistics project is one of the six pilots announced from the South Korean government in June, with an expected total investment of $ 9 million for the series. The other five areas of investigation concern the management of the cattle supply chain, customs clearance, online voting, real estate transactions and distribution of cross-border electronic documents.
"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", declared at the time the Ministry of Science, ICT and Planning future.
In the next year, the government could indeed Double the number of blockchain pilots in the public sector. It also plans to support at least three privately-owned national blockchain projects.
Last month, the body that ruled South Korean lawyers, the Association of Korean Lawyers also called on the government to accelerate the introduction of blockchain regulations in the country to help develop technology industry and protect investors.
Busan New Port image via Shutterstock
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