Samsung SDS, the IT subsidiary of Korean electronics major Samsung has successfully concluded a 7-month pilot of the application of blockchain technology in tracking actual logistics locations in Korean’s shipping industry. The programme backed by the government to record and track shipping logistics and easing import/export procedures have proven to be successful.
The pilot project was launched with a consortium comprising of Korea’s shipping logistics companies, state-run research centres, Korea’s Customs Service and the Ministry and Oceans and Fisheries. The government has earlier set the target to implement blockchain technology in the country’s logistics and shipping sector by the end of this year.
All the documents related to imports/exports and paperwork related to shippers, shipping companies and all the stakeholders will be stored on blocks and is accessible on a real-time basis. This will help to simplify the overall document issuance process and also benefit from overall cost reduction and greater transparency.
Kim Hyung-tae, VP of logistics at Samsung SDS said: “Through this pilot project, we have confirmed that the blockchain technology can raise the level of the shipping logistics information network to a new level.”
The pilot was launched soon after Samsung SDS launched it blockchain platform Nextledger in April 2017. It has also inked an agreement with the metropolitan government of Seoul to formulate a roadmap for application of Blockchain technology in the city’s administrative circle by 2022.