HMM Completes First Blockchain Pilot Voyage
Documents Shared Among The Parties Through Public-Key Cryptography
Hyundai Merchant Marine, with other members of a shipping and logistics blockchain consortium, conducted its first pilot voyage from Korea to China with reefer containers from August 24 to September 4.
HMM applied the blockchain technology to this pilot voyage—from shipment booking to cargo delivery—and reviewed the feasibility of adapting the technology to shipping and logistics. Combining the blockchain technology with the Internet of Things (IoT) technology was also tested and reviewed through real-time monitoring and managing of the reefer containers on the vessel as well.
Adopting blockchain technology in shipping and logistics will enable parties to securely share information such as Certificates of Origin and customs clearance information, and will also reduce paperwork, such as inputting booking information and Bills of Lading. Data will also be safer with stronger security through public-key cryptography, according to the company.
HMM is planning on its second pilot voyage in October with dry containers with expanded blockchain technology procedures and IoT technology in more diverse destinations such as India, China, and Thailand. HMM will continue reviewing the blockchain technology focusing on technical issues and systematic improvements until end of this year to adopt the technology.
An HMM official commented that “we are reviewing various ways to improve our service and its quality through adopting IT technologies.”
The shipping and logistics blockchain consortium (established this May among Korean logistics companies, the government, and a state-run research center) have been carrying on various studies on adopting the blockchain technology in shipping and logistics.
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