- Documents are safely shared among the parties through public-key cryptography
- Through the blockchain technology, “Paperless Operation” will be utilized in vessel arrival/departure info, B/L and cargo tracking sectors
Hyundai Merchant Marine (HMM) has announced that it has successfully completed its first blockchain technology adopted pilot voyage.
HMM, with other members of shipping and logistics blockchain consortium, have conducted its first pilot voyage from Korea to China (Busan to Qingdao) with reefer containers from August 24th to September 4th.
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.
Adopting blockchain technology in shipping & logistics industry will enable all involved parties to securely share all the information such as Certificate of Origin and customs clearance information, and will also reduce a tremendous amount of paperwork – such as inputting booking information and Bill of Lading – hence will improve work efficiency. 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. HMM will continue reviewing the blockchain technology focusing on technical issues and systematic improvements until end of this year to adopt the technology.
HMM official commented “we are reviewing various ways to improve our service and its quality through adopting IT technologies” and that “by adopting the high-end IT technologies such as blockchain and IoT in shipping and logistics, we will become one of the pioneers of the Fourth Industrial Revolution within the industry.”
Meanwhile, 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.