According to an official press release, the two South Korean government ministries have come together to launch a blockchain pilot for innovation of port logistics.
In a joint project by the Ministry of Science, ICT and Future Planning and the Ministry of Oceans and Fisheries, the pilot will be running for a year in the country’s largest port, the Port of Busan. The main goals of the project are to test out blockchain solutions in solving the current transparency and efficiency issues in the logistics within the transportation industry. During the pilot, the joint forces of the two ministries will trial how blockchain technology helps to streamline the administrative processes in import and export operations and also allow for data sharing. The project has been in the works since early 2018, and its successful launch might ultimately determine the future of blockchain in Korea’s transportation industry.
Since its introduction in 2008, blockchain technology has been already applied to a multitude of industries worldwide. Among other notable blockchain pilots that are either currently in motion, or have been successfully passed, are online blockchain voting, livestock record management, customs clearance and international e-document distribution. Additionally, South Korea has recently partnered with the United States to strengthen the two countries’ cooperation in “Fourth Industrial Revolution,” where the blockchain technology plays the key role.