Samsung SDS Verifyes Applicability of Blockchain in Shipping and Logistics
Published2017.12.22 10:22Samsung SDS announced the final results of the shipping and logistics blockchain consortium project, which involved a total of 38 private, public, and research institutions.
This project is a pilot program that has been applied to actual logistics sites for seven months since last May to verify the applicability of blockchain technology to shipping and logistics.
In an announcement made today, Samsung SDS stated that logistics stakeholders, including shippers, shipping companies, customs, and banks, can prevent forgery and tampering of import and export documents and simplify issuance procedures by sharing logistics-related documents, such as Bills of Lading (B/L) and Letters of Credit (L/C), based on blockchain technology.
In particular, during the maritime transportation of fresh food, various information such as location, temperature, humidity, and vibration is stored on the blockchain via Internet of Things (IoT) devices.
The information stored in this way cannot be falsified or altered, which clarifies liability in the event of problems during transportation, thereby enabling financial institutions to accurately calculate marine insurance premiums.
Samsung SDS decided to work with each company participating in the consortium to refine the results of the pilot project so that they could be applied to actual logistics, and
The government and research institutions have decided to review laws and policies for the application of blockchain technology.
Kim Hyung-tae, Executive Vice President (Head of Logistics Business Division) at Samsung SDS, stated, "Through this pilot project, we have confirmed that blockchain technology can elevate the level of maritime logistics information networks to the next level," adding, "Samsung SDS will continue to create cases of applying blockchain to the logistics sector to contribute to the advancement of maritime logistics."
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