Hyundai Merchant Marine (HMM) has successfully completed its first blockchain technology pilot voyage.
HMM completed its pilot voyage from Korea to China (Busan to Qingdao) with containers from 24 August to 4 September. HMM applied blockchain technology to this voyage, from shipment booking to cargo delivery. The combination of blockchain technology with internet of things (IoT) technology was tested and reviewed through real-time monitoring and managing the reefer containers on the vessel.
HMM said adopting blockchain technology in the shipping and logistics industry will enable all involved parties to securely share information such as certificate of origin and customs clearance information, and will also reduce a “tremendous amount of paperwork – such as inputting booking information and bill of lading – hence will improve work efficiency. Data will also be safer with stronger security through public-key cryptography”.
HMM is planning its second test voyage in October with dry containers, 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 the end of this year.
An HMM official commented “we are reviewing various ways to improve our service and its quality through adopting IT technologies” and that “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.”