Two government ministries of South Korea are exploring the potential of blockchain for introducing new efficiencies to the marine logistics.
On Tuesday, announcement was made regarding the launch of a blockchain pilot project by the Ministry of Science, ICT and Future Planning and the Ministry of Oceans and Fisheries of the country to check if the container shipping industry of the nation could be made more efficient with the tech’s help.
Beginning this month, the trial will be carried out at Busan’s major southern port over the entire next year. With the use of blockchain tech, the project mainly aims at increasing the transparency between the parties that are involved in the shipping process, allowing real time sharing of information that will ultimately help to improve the export and import business operations.
If the pilot is a success, then the ministries will further plan for the expansion of the blockchain tech to other areas and ports in the country. Back in June, the marine logistics project was announced by the South Korean government and it is one of the six pilots project of the government with a total planned investment of around $9 million for the series.
The other areas of investigation include customs clearance, livestock supply chain management, online voting, cross-border e-document distribution and real estate transactions. The Ministry of Science, Future Planning and ICT said,
We will establish a road map for developing blockchain technology and plan to secure 90 percent of the technology level by 2022 compared to the world’s top countries.
The government also has plans to double the number of blockchain pilots that are in the public sector and also has plans for supporting a minimum of three private-led national blockchain projects.
Previous month, the Korean Bar Association asked the government to introduce blockchain regulations in the country for helping the development of the tech industry as well as protection of investors.
Source: Coin Desk, Currency Journals
