Busan Port City to use Blockchain for Cargo

Blockchain technology will be applied to transferring Busan cargo containers between docks, making delivery convenient and error free.

The Ministry of Science and Information Communication
Technology
and the Ministry of Oceans and Fisheries announced the establishment of a ‘blockchain-based containerization service’ for port logistics.

Busan port ranks second after Singapore as the world’s Number 1 port. Inter Terminal Transportation (ITT) makes up 16% of the total volume of transshipment, making it important to accurately share information between shipping and transportation companies, and terminal operators.

The current method of sharing information is outdated. On top of spending time to validate certificates, frequent document modifications are needed because of missing data and errors.

It is expected that ‘Integrated delivery service between blockchain-based container ports’ will improve current container transshipment work and improve efficiency by storing and sharing necessary information in blockchain when transferring to other docks. This will reduce a 1-2 day process to 1 hour.

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