Samsung sets up blockchain consortium for Korea’s shipping industry
The venture will see blockchain technology used in shipping and logistics for the first time in Korea.
The venture will see blockchain technology used in shipping and logistics for the first time in Korea.
South Korean multinational Samsung has launched a blockchain consortium for the country’s shipping and logistics, partnering with local logistics companies, the government and state-run research centres.
The consortium’s members, which include the Korea Customs Service, Ministry of Oceans and Fisheries, Hyundai Merchant Marine, IBM Korea and Ktnet, will apply blockchain technology to logistics as part of a pilot project and plan to expand this across their logistics process for all exports and imports later this year. They will also cooperate on and research technical and legal issues for the technology.
“When this pilot project is established successfully, this will simplify customs clearance of companies and save logistics costs,” said a Korea Customs Service spokesperson
“Samsung SDS will provide blockchain technology consulting for consortium members and related organisations. said Kim Hyung-tae, head of the group’s smart logistics business division. “We will make efforts to enable this consortium to help develop the nation’s logistics industry.”