HMM completes world’s first blockchain powered shipping voyage

0
54
Blockchain

Hyundai Merchant Marine (HMM) has become the world’s first company to complete world’s first blockchain powered shipping voyage from South Korea’s port of Busan to China’s Qingdao.

The shipping giant used sensors in its containers that enabled it to receive real time monitoring and management information while also allowing it to use blockchain technology to instantly share information with multiple parties.

The entire voyage was powered by blockchain – from shipment booking to cargo delivery. HMM said in a statement that it reviewed the feasibility of adopting blockchain into shipping and logistics and also tested combining the blockchain technology with the Internet of Things (IoT) technology.

The pilot was undertaken as part of a consortium which includes the Korea Customs Service (KCS), Ministry of Maritime Affairs and Fisheries, the Korea Maritime Institute (KMI), Busan Port Authority, Hyundai Merchant Marine (HMM), Korea Marine Transport, IBM Korea and Samsung SDS, a member of the Ethereum Enterprise Alliance.

“Adopting blockchain technology in shipping & logistics industry will enable all involved parties to securely share all the information such as Certificate of Origin and customs clearance information, and will also reduce a tremendous amount of paperwork – such as inputting booking information and Bill of Lading – hence will improve work efficiency. Data will also be safer with stronger security through public-key cryptography,” the company says.

The company is planning another voyage, expanding blockchain powered shipping destinations to India, China and Thailand, with a representative stating:

“We are reviewing various ways to improve our service and its quality through adopting IT technologies. By adopting the high-end IT technologies such as blockchain and IoT in shipping and logistics, we will become one of the pioneers of the Fourth Industrial Revolution within the industry.”

That fourth industrial revolution in this case seems to be powered by Hyperledger’s private blockchain considering IBM’s presence in the consortium, but an ethereum version is contained within Hyperledger, so it’s not quite clear which blockchain they used exactly.

Regardless, the world’s first blockchain powered shipping pilot resulted in “enhancing the efficiency of the whole process from booking the shipment to cargo delivery,” according to HMM.

So we may see more of them in the coming months, from HMM and other companies, as transport industries look to upgrade their capabilities to take advantage of 21st century technologies.

LEAVE A REPLY

Please enter your comment!
Please enter your name here