Hyundai Merchant Marine (HMM) announced that it has successfully completed its first blockchain technology adopted pilot voyage. The voyage was conducted by a blockchain consortium, from Korea to China (Busan to Qingdao), with reefer containers from August 24 to September 4.
HMM applied the blockchain technology to this pilot voyage – from shipment booking to cargo delivery – and reviewed the feasibility of adopting the technology into shipping and logistics. Combining the blockchain technology with the Internet of Things (IoT) technology was also tested and reviewed through real-time monitoring and managing of the reefer containers on the vessel as well.
As explained, adopting blockchain technology in shipping & logistics industry aims to enable all parties to securely share all the information, such as Certificate of Origin and customs clearance information, and also to reduce paperwork – such as inputting booking information and Bill of Lading. Data will also be safer with stronger security through public-key cryptography.
HMM is planning on its second pilot voyage in October with dry containers, with expanded blockchain technology procedures and IoT technology in more diverse destinations such as India, China, and Thailand.
A company official noted that by adopting the high-end IT technologies, HMM aims to “become one of the pioneers of the Fourth Industrial Revolution within the industry.”
The shipping and logistics blockchain consortium, established this May among Korean logistics companies, the government, and state-run research center, have been carrying on various studies on adopting the blockchain technology in shipping and logistics.
