Two government ministries in South Korea have just launched a blockchain pilot for port logistics innovation. The information was posted in a press release by the Ministry of Science, Future Planning and ICT on the 18th of December. According to the press release, the Ministry of Oceans and Fisheries in collaboration with the Ministry of Science, Future Planning and ICT, will be exploring the efficiency of blockchain technology in the container shipping market of South Korea. The goal is to make the process more efficient. The pilot will last for 12 months and would be done in the port of Busan. This is the largest port in the country.
Blockchain For Port Logistics In Korea
After the pilot, the government will determine if blockchain technology can be used to increase transparency in the logistics industry successfully or not. It will also be used to streamline the administrative processes during import and export as well as enable more real-time sharing of data.
The two ministries involved in the project have reportedly been working on it since the beginning of the year. It is part of what they called a “Blockchain Technology Development Strategy”. However an official announcement was not made until June.
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While this pilot is exploring blockchain technology in import and export logistics, the Korean government is working on other projects that range from the application of blockchain in online voting, real estate, livestock record keeping, customs clearance, and international electronic-document distribution. The goal is to raise $204 million before 2022.
Expanding The Project Across Ports
The press release stated that if this one year pilot in the port of Busan is successful, both ministries will expand the project to other ports on a national level. In June, it was reported that South Korea is planning to work with the United States State Department on a project to strengthen the bound between both countries as they advance into the “Fourth Industrial Revolution”.
This collaboration is called the “World Economic Forum”. The name was chosen to indicate the series of tech breakthroughs that are going to fundamentally change the way people live their lives on a global level. Already, the WEF has recognized the role blockchain technology will play in this technological revolution.
This isn’t the only major news for blockchain industry at this time. Irrespective of the dying cryptocurrency market, the blockchain industry has made major advancements this year. This goes to prove that cryptocurrency is just one of the multiple applications of blockchain technology.
On another end of the blockchain continuum, tech giant IBM in collaboration with Maersk, a Danish logistics and transport giant, launched a solution for global blockchain-enabled shipping. At the time of the launch, there were about 94 participant companies and 153 million already launched shipping events.
The ‘fourth industrial’ revolution is coming soon. While no one knows what year it would come, one thing is certain: Blockchain technology will be vital in this new world. Governments and private organizations that have seen the potential of this emerging tech have already started claiming spots in the revolution by exploring blockchain technology. This will give them an edge over latecomers when the time is right.