Samsung SDS, the IT subsidiary and technology provider of Samsung, has successfully concluded a 7-month pilot of the application of blockchain technology to actual logistics locations in Korea’s shipping industry, CCN reported.
Samsung SDS commenced the pilot alongside the launch of a blockchain consortium comprising Korea’s shipping logistics companies, state-run research centers, government authorities like Korea’s Customs Service and the Ministry and Oceans and Fisheries as well as shipping operators.
Samsung SDS reveals that documents related to imports/exports and logistics paperwork related to shippers, shipping companies, customs officers, and banks were stored on blocks and accessible on a real-time immutable ledger to simplify the overall document issuance process.
Kim Hyung-tae, vice president of logistics at Samsung SDS stated:
“Through this pilot project, we have confirmed that the blockchain technology can raise the level of shipping logistics information network to a new level.”
Beyond paperwork, the blockchain also facilitated fresh food marine transportation wherein data related to position, temperature and humidity of the food product was relayed to the ledger through IoT (internet of things) devices. The benefits of such real-time transparency allows for accurate estimation of marine insurance premiums during breakages or any other issues during the shipping process.