SM Line completes first pilot voyage using blockchain technology
South Korea’s SM Line has become the second member of a maritime consortium to complete its pilot voyage using blockchain technology.
The shipping line, in partnership with other members of the government-backed shipping and logistics blockchain consortium, sailed one of its vessels to Bangkok and then to Ho Chi Minh City, according to a company statement.
During the voyage, the company focused on minimising time spent on distribution and administrative processes when it shared information with banks, insurance firms and tax authorities, such as packing list and invoices, via blockchain technology on board the vessel.
The consortium was established in May to bolster the use of blockchain technology within the country’s shipping industry.
Apart from SM Line, the 15-member consortium includes Hyundai Merchant Marine, Samsung SDS, IBM Korea, the Ministry of Oceans and Fisheries, Busan Port Authority and other shipping lines in the country.
Lloyd’s List has asked SM Line for more details on the voyage.
During HMM’s voyage from South Korea’s Busan Port to China’s Qingdao Port, blockchain technology was applied not only to shipment booking, but also to cargo delivery.
HMM also reviewed the feasibility of introducing the technology into shipping and logistics.
In addition, Korea’s flagship carrier tested and reviewed the combining of blockchain technology with the Internet of Things through real-time monitoring and managing of the reefer containers on the vessel.