Earlier this year the government of South Korea announced plans to finance a multitude of new blockchain projects. $9 million will be dedicated to the expansion and integration of blockchain in a wide variety of industries, from online blockchain voting to shipping logistics. This week South Korea’s Ministry of Science, ICT and the Ministry of Oceans and Fisheries began their portion of the pilot concerning shipping logistics.
A press release by the Ministry of Science begins with a variety of scenarios detailing current processes concerning shipping containers and their movements. They refer to current practices such as the use of e-mail, fax, and paper documents, which slow down production and cause communication errors.
One of the first blockchain projects as part of this initiative is launching in Busan Port, one of the largest ports of transit worldwide. The blockchain project titled “Integrated Issuance Service for Demonstration of Removal between Container Vessels Based on Blockchain” is expected to improve efficiency as well as expedite the sharing of information.
The pilot at Busan Port is just one of the six blockchain solution trials introduced by the South Korean government this year. The other pilots include coverage of livestock supply chain management, customs clearance, online voting, real-estate transactions and cross-border e-document distribution. The South Korean government has announced an investment of $9 million for the series in total.