South Korean government pilots blockchain to streamline shipping industry

By Staff Reporter

The South Korean government is pushing for blockchain adoption in the country’s shipping sector, seen as a holy grail of blockchain, following the leads of other jurisdictions like Hong Kong and Singapore.

The country’s Ministry of Science, ICT and Future Planning and the Ministry of Oceans and Fisheries announced on Tuesday that they have launched a blockchain pilot project to see if the distributed ledger technology can help boost the efficiency of the country’s shipping sector.

The project, which aims to connect all parties in the shipping transactions to be shared and ledger in real-time, will be trialed at Busan,  over the next twelve months.

It is one of the six projects – spanning livestock supply chain management, customs clearance, online voting and real-estate and cross-border e-documentation – announced by the government with a total investment of $9mn.

 

 

 

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