Hyundai Merchant Marine trials blockchain service

Hyundai Merchant Marine trials blockchain service

Hyundai Merchant Marine (HMM) has completed its first blockchain pilot voyage, with the technology used for everything from shipment booking to cargo delivery.

The vessel carried reefer containers from South Korea’s Busan port to China’s Qingdao port, and HMM has reviewed the feasibility of adopting the technology into shipping and logistical operations.

HMM also tested and reviewed the possibility of combining blockchain technology with the Internet of Things (IoT) technology to monitor and manage reefer containers on board the ship in real time.

In a company statement HMM said: “Adopting blockchain technology in the shipping & logistics industry will enable all involved parties to securely share information, such as certificates of origin, and will also reduce the amount of paperwork.

“Data will also be safer, with stronger security supplied by public-key cryptography.”

The South Korean carrier is planning a second pilot voyage in October, this time with dry containers.

The vessel will test and review the use of expanded blockchain procedures and IoT technology in more diverse destinations, such as India, China and Thailand.

A spokesperson for HMM 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 within the industry.”