Samsung SDS Creates Blockchain Consortium for Korea’s Shipping Industry

Samsung SDS, alongside with the Korean government and state research centers and logistics companies, is launching a consortium to bring blockchain technology to the country’s shipping industry.

The announcement follows the recent Samsung SDS ‘membership with the Etereum Enterprise Alliance (EEA) connecting 500 companies, including academic startups and Etereum technology providers.

The consortium members include the Korean Customs Service, Ministry of Oceans and Fisheries, Hyundai Merchant Marine, IBM Korea and KTNET. This will be the first time the blockchain technology would be in the shipping logistics in Korea.

In the logistics sector, blockchain could transform various processes including manufacturing, processing, storage and transport of goods. It has the potential to make processes more transparent, making it impossible to manipulate sources, alter distribution period, or make fake ads. In addition, it could also facilitate real-time tracking of the load.

Choi Sang-hee, a director at the Korea Maritime Institute who is also a member of the consortium, said: “Applying blockchain technology into logistics will eliminate any inefficiency in logistics… and will be an engine behind the growth of Korean logistics industry.”

As part of a pilot project, the consortium members have agreed to apply the technology to logistics. They intend to extend the application through their logistics process for all exports and imports by the end of 2017. The consortium members will also collaborate on technical and legal issues around blockchain technology.

Kim Hyung-Tae, the head of business division of smart logistics Samsung SDS said: “Samsung SDS will provide blockchain technology consulting for consortium members and related organizations. We weill make efforts to enable this consortium to develop the nation’s logistics industry.”

It appears that this consortium will not contribute to the standardization and integration of Blockchain services but will in turn expect to eliminate inefficiencies in the logistics industry and streamline customs import and export processes. In order to increase the speed of shipping companies, facilitating logistics flow and reducing costs. This is a great step for the Shipping Industry and checks the guarantee and security of Blockchain technology that has proven to be forceful and effective in any area.

Source: Cryptocoins NewsKorea Herald

Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and/or services. This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest.

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