Samsung SDS to Apply Blockchain to Logistics
Published2017.05.31 10:50We decided to research technical issues as well as laws and regulations together.
Samsung SDS has launched the 'Maritime Logistics Blockchain Consortium' at its Pangyo Campus. This marks the first application of blockchain in the domestic logistics sector.
The Korea Customs Service, the Ministry of Oceans and Fisheries, the Korea Maritime Institute, the Busan Port Authority, Hyundai Merchant Marine, Korea Shipping, SM Line, Jang Keum Shipping, Nam Sung Shipping, KCNet, KLNet, KTNET, CyberLogitec, IBM Korea, and Samsung SDS participated in this consortium.
The consortium participants agreed to launch blockchain technology in June and apply it to the entire shipping logistics process for actual import and export cargo by the end of this year.
The participating companies also agreed to research and cooperate on not only technical issues but also legal and institutional matters regarding the application of blockchain in logistics.
When blockchain is applied to logistics, the immutability of data allows for the transparent management of production, processing, storage, and transportation history from product manufacturing to the end consumer, making it impossible to manipulate the country of origin, alter manufacturing and expiration dates, or engage in false advertising during the distribution process.
In addition, logistics visibility can be further enhanced by registering IoT information on the blockchain and sharing cargo location information in real time.
From the perspective of logistics stakeholders, being able to share relevant information in real time without paper documents enables not only cost reduction but also a significant improvement in work speed.
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