The Ministry of Science and ICT and the Ministry of Oceans and Fisheries in South Korea have jointly launched a blockchain pilot project with the aim of improving the container shipping industry.

While IBM and Maersk gather new companies to their TradeLens project, two South Korean ministries work on something on their own.

To boost shipping efficiency

The project was announced on Tuesday by the Ministry of Science and ICT (Information and Communication Technologies). New development aims to determine if the blockchain technology can help the container shipping industry become more efficient.

The test is to start even this month and to be conducted over next year at Port of Busan, the largest port in South Korea. The project will try to increase transparency between parties involved in the shipping process, allow real-time sharing of information and ultimately improve import and export operations.

If the project is successful, South Korean government will expand the blockchain technology over other ports and areas in the Asian country.

Blockchain in different areas

In July, when South Korean authorities announced six blockchain pilots, the Ministry of Science and ICT said:

“We will establish a roadmap for developing blockchain technology and plan to secure 90 percent of the technology level by 2022 compared to the world’s top countries.”

The other projects concerning supply chain management, customs clearance, real-estate transactions, cross-border e-document distribution, and online voting. South Korea plans to invest $9 million in these ventures.

Next year, the Asian country may double the number of blockchain-related projects.

Image by Igor Grochev / shutterstock.com

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