South Korean container carrier Hyundai Merchant Marine has completed its first blockchain technology adopted pilot voyage from Busan, Korea to Qingdao, China.
The company, together with other members of shipping and logistics blockchain consortium, conducted the voyage 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.
“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,” HMM informed. The company added that data will be safer with stronger security through public-key cryptography.
The Korean carrier is planning 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.
“We are reviewing various ways to improve our service and its quality through adopting IT technologies,” HMM official said.