Korean shipping firm Hyundai Merchant Marine (HMM), together with technology company Samsung SDS, has completed analysis of a seven-month blockchain technology assessment programme.
“The blockchain technology adopted in shipping and logistics industry has prevented alteration and forgery of import/export documents and it also minimised the issuance of paper documents, simplifying the document issuance process,” finds Samsung SDS.
The programme saw HMM experimenting with blockchain technology by conducting a pilot voyage from Korea to China (Busan to Qingdao) with reefer containers, followed by more pilot voyages in India, Middle East, and Europe.
The use of blockchain technology has improved transparency with shipping transactions by delivering import/export related documents to all related parties (shipper-carrier-customs-bank) at once, says HMM.
It also prevents 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,” explains the company.
“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.”
Published: 3 January, 2018
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