Hyundai Merchant Marine, in collaboration with members of the shipping and logistics blockchain consortium, has completed its first pilot voyage to test the possibility of adopting blockchain technology for use in the shipping industry.
The ten-day voyage was conducted from Busan in South Korea to Qingdao, China, using a vessel with reefer containers on-board.
HMM used blockchain technology throughout the entirety of the trial, from initial shipment booking to final cargo delivery.
The test also saw the integration of blockchain capability with Internet of Things (IoT) solutions.
The results of the integration were reviewed via real-time monitoring and management of the onboard reefer containers.
A HMM official said: “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 (4IR) within the industry.”
The adoption of blockchain technology in the shipping and logistics industry is expected to help all the involved parties to share information such as Certificate of Origin (CO) and customs clearance information securely and effectively.
It is also slated to reduce the amount of paperwork required for operations and improve overall efficiency.
Additionally, data will be handled more safely with improved security via public-key cryptography.
HMM is planning to begin its second pilot voyage next month by using dry containers featuring expanded blockchain and IoT technologies in destinations such as India, China and Thailand.
The company is also set to continue reviewing its blockchain technology with a focus on technical issues and systematic improvements until the end of the year.
In addition to HMM, the shipping and logistics blockchain consortium also features South Korean logistics companies, governmental organisations and state-run research centre as members.
The consortium has recently conducted a number of various studies relating to the adoption of blockchain technology across the shipping and logistics industry.