The South Korean government has announced it will launch a blockchain pilot project in the Port of Busan with the aim of improving efficiencies and cutting waste.
The country’s Ministry of Science, ICT and Future Planning (MSIT) and the Ministry of Oceans and Fisheries said on Tuesday that they will pilot the project for a year.
The main objective is to determine if the technology can make the supply chain more transparent, as well as quicken administration process and create an environment for real-time data sharing.
How can blockchain help improve trade efficiencies? Find out by reading a Port Technology technical paper
If the scheme at the Port of Busan, the biggest in South Korea and the fifth busiest worldwide, is successful, the government plans to roll it out across other ports around the country.
Port of Busan
The announcement is part of a wider initiative by the government to utilize blockchain in its marine sector.
PTI Insight – The Evolution of Maritime Blockchain
In June 2018 it unveiled the ‘Blockchain Technology Development Strategy’ – and as well as shipping logistics, it also hopes to improve processes in livestock record management, customs clearance, real estate and international e-document distribution.
The entire blockchain strategy is expected to initially cost approximately US$9 million but could save as much as $207 million by 2022.
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