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Hyundai Merchant Marine completes first blockchain voyage

Hyundai Merchant Marine (HMM) has announced that it has successfully completed its first pilot programme using blockchain technology to manage collection and dissemination of all related shipping and logistics data for a vessel voyage from Korea to China.

{mprestriction ids="1,2"}The process was managed in collaboration with other members of the Korean shipping and logistics blockchain consortium, established in May and backed by the Korean government, which includes logistics companies and a state-run research centre.

The consortium has been performing been various studies on the use of blockchain technology in the sector since that time, culminating in this first live test. The pilot voyage featured a HMM reefer container vessel travelling from Busan to Qingdao between August 24th and September 4th.

The blockchain technology was applied to processes from shipment booking to cargo delivery as part of a HMM pilot to review the feasibility of adopting the technology into shipping and logistics chains. Potential integration of blockchain and Internet of Things (IoT) technologies was also reviewed in the context of real-time monitoring and management of the reefer containers on the vessel.

Using the blockchain, shipment stakeholders can securely share all relevant shipping and logistics data, such as Certificate of Origin and customs clearance information, reducing the need for additional paperwork in areas like booking information and Bills of Lading. It can also be used to facilitate ‘paperless operation’ in managing arrivals and departures, as well as cargo tracking, by making secure digital data accessible to the required parties.

HMM says it is planning on a second pilot voyage in October with dry containers, expanding its blockchain technology procedures and use of IoT across the logistics chains in diverse destinations such as India, China, and Thailand. The company hopes to refine and improve its blockchain systems over the coming months with the ultimate goal of being ready to formally adopt the technology at the end of the year.

“We are reviewing various ways to improve our service and its quality through adopting IT technologies,” said HMM, in a statement.

“By adopting the high-end IT technologies such as blockchain and IoT in shipping and logistics, we will become one of the pioneers of the Fourth Industrial Revolution within the industry.”{/mprestriction}

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