Samsung SDS concludes test on blockchain tech for shipping
Samsung SDS said Thursday a consortium led by the company had successfully concluded a monthslong test on blockchain-powered storage in marine transport, with the expectation that the technology will take the shipping industry to a new level.
Importers and exporters can make transactions of documents, such as a bill of landing and letter of credit, on the decentralized security system, free of forgery and tampering threats, according to the software solution developer arm under South Korea’s largest conglomerate.
Blockchain can also track and store information, such as location, temperature, humidity and external shocks en route, which play a crucial role in determining who is responsible for the damage of goods, if it occurs, the firm added.
The consortium, joined by 38 entities from private and public sectors, has tested the blockchain technology since May.
Samsung SDS vowed to support the application of the blockchain technology with logistics firms in the consortium, including Hyundai Marine Merchant. Meanwhile, the government will move to facilitate the legal process.
Samsung SDS has jumped into business involving blockchain-backed platforms, working with the Seoul Metropolitan Government to help it run its administrative system on a blockchain platform since November. In April, Samsung SDS managed to commercialize a blockchain platform for its sister company Samsung Card.
Source: Korea Herald