Hyundai Merchant Marine has announced that it has completed its analysis of Blockchain Technology adopted in shipping and logistics that began in August.
HMM, with Samsung SDS and other members of shipping and logistics blockchain consortium, have conducted the blockchain technology integrated pilot voyage and internal assessment for past seven months.
Samsung SDS commented, “The blockchain technology adopted in shipping and logistics industry has prevented alteration and forgery of import/export documents and it also minimized the issuance of paper documents, simplifying the document issuance process.”
HMM has begun its blockchain integrated pilot voyage from August and has successfully completed its first pilot voyage from Korea to China (Busan to Qingdao) with reefer containers, followed by more pilot voyages in India, Middle East, and Europe.
HMM, through this blockchain consortium, has acquired the transparency of shipping transactions by delivering import/export related documents to all related parties (shipper-carrier-customs-bank) at once and also by preventing any alteration or forgery of import/export documents through public-key cryptography. This is expected to reduce a massive amount of paperwork – such as inputting booking information and Bill of Lading – hence will improve work efficiency.
Also with the integrated Internet of Things (IoT) technology, cargo status (such as location, temperature, humidity, etc) will be shared among HMM and the related parties live on-time, of which will clarify any legal dispute that may occur during the transportation of the cargo.
HMM plans to specify the plan for adopting blockchain technology in shipping based on the assessment result of the shipping and logistics blockchain consortium. It also plans to request to various research organizations and the government bodies for further legal revision and support for adopting the blockchain technology into shipping and logistics.
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.”