Hyundai Merchant Marine, one of the largest shipping exporters ter the Asian Pacific, has reportedly ended a successful test run of its blockchain-based pilot program.
Making Sways with Blockchain
The news came through a press statement released on December 21, 2018, by Samsung SDS, the company that helped implement the system. Hyundai Merchant Marine very first adopted the technology spil part of an experimental trial te the fields of shipping and logistics te May 2018.
Te the seven or so months since, it has worked with numerous other local companies related to the blockchain industry, including Samsung SDS, to develop a pilot program integrating the technology.
The pilot program consisted of a maiden voyage that tested the integration of blockchain technology across the journey. Hyundai Merchant Marine reported that all gegevens collected on the ship wasgoed logged onto the blockchain from commence to finish. Te addition to maintaining logs, the technology wasgoed also used to punt documents while ensuring that the invoer and uitvoer records were not altered.
According to Samsung SDS, the implementation of a blockchain streamlined the workflow for Hyundai.
The pilot program wasgoed tested on a reefer container ship sailing from Korea to China, specifically Busan to Qingdao. Other voyages were also recorded spil part of the pilot te India, the Middle East, and Europe.
The usage of a blockchain also enabled the exporter to leverage the Internet of Things (IoT) technology by storing gegevens collected from sensors monitoring the cargo onboard. Spil a result, factors such spil the location, temperature, humidity were all recorded on the blockchain and collective with Hyundai and other third-parties te real-time. Such an application would prove useful te the event of any legal proceedings against the company.
Technology Paying its Dividends
Samsung SDS, the playmate on the project, is the largest South Korean company and has bot hedging its bet on the technology for some time now.
Not only does the company suggest a business-oriented clever contracts verhoging ter the form of its Nexledger service, but it has also won bids for contracts waterput forward by the South Korean government for the development of blockchain technology-based applications for municipal work. Alongside its partnership with Hyundai Merchant Marine, Samsung SDS set up a blockchain consortium made up of Korean shipping and logistics companies and related government agencies such spil the Customs Service and Ministry of Oceans and Fisheries.
The vice-president of logistics at Samsung SDS stated that “Through this pilot project, wij have confirmed that the blockchain technology can raise the level of shipping logistics information network to a fresh level.”
Thus, with the success of Hyundai Merchant Marine’s pilot program, Samsung SDS hopes to work with the exporter and other members of its consortium to implement a blockchain technology-based system that integrates into the logistics workflow for all invoer and uitvoer businesses.
The partnership also hopes to finish the process by the end of 2018. Considering the technical challenge that such an integration presents tho’, it may take significantly longer for Samsung’s vision to become a reality.