Interim results of the project conducted last May

Samsung SDS will announce the interim results of a pilot project applying blockchain to shipping and logistics at Cello Tech Fair 2017, held at the Samsung SDS Pangyo Campus on the 7th.

The content of this announcement is the result obtained through a pilot project conducted last May by the Shipping & Logistics Blockchain Consortium, which was formed by 15 public, private, and research organizations including the Korea Customs Service, the Ministry of Oceans and Fisheries, the Korea Maritime Institute, the Busan Port Authority, Hyundai Merchant Marine, Namsung Shipping, and Samsung SDS.

The shipping and logistics blockchain consortium applied blockchain technology to export volumes of Hyundai Merchant Marine and Namseong Shipping bound from Busan Port to Qingdao and Dalian Ports in China.

As a result of application, it was verified that the high level of encryption blocks the possibility of forgery or alteration of import and export related documents.

Business processing has been accelerated by sharing logistics-related documents, such as bills of lading, and cargo location information with all relevant parties in real time.

For example, it was found that the accuracy and reliability of information have improved through real-time sharing by applying blockchain technology, whereas various companies and institutions involved in maritime transport, such as shipping companies, inland transport companies, and terminal operators, previously transmitted information individually via paper documents and email.

Samsung SDS plans to expand the application of this technology to financial and insurance businesses related to trade and shipping logistics through additional projects in the future, and to extend the routes of application to medium and long-distance routes including Southeast Asia, the Middle East, and Europe.

Samsung SDS announced on this day that it plans to apply the Internet of Things (IoT) across the entire logistics sector.

The plan is to apply IoT to the entire air cargo control of products sensitive to vibration and temperature changes, as well as to warehouse location management and outbound work instructions.

Currently, IoT has been applied to fresh logistics in Vietnam for food storage and delivery to control temperature and humidity in refrigerated and frozen warehouses, as well as location, impact, and theft during transport.

Kim Hyung-tae, Head of the SL Business Division (Vice President) at Samsung SDS, emphasized, “Technologies such as blockchain and IoT will be game changers that transform the foundation of the logistics business, and Samsung SDS will adapt to these IT trends the fastest to deliver new value to customers.”