Busan Port receives funding to introduce blockchain smart logistics system

Busan Port receives funding to introduce blockchain smart logistics system

Blockchain
July 7, 2020 Komal Joshi
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Today Busan City and the Busan Institute of Industrial Science and Innovation declared that they finished the planning stage for an unmanned smart logistics system that utilizes blockchain in the Port of Busan. The port is the fifth busiest in the world. The project was started following a competition for science and technology projects by
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Today Busan City and the Busan Institute of Industrial Science and Innovation declared that they finished the planning stage for an unmanned smart logistics system that utilizes blockchain in the Port of Busan. The port is the fifth busiest in the world. The project was started following a competition for science and technology projects by the Ministry of Science and ICT. As a result, it has earned 14.2 billion won ($11.9 million) in funding, the majority of which has evolved from national and local government budgets. It will be undertaken by nine diverse organizations and is due to be finished by 2024.

Innovations, including self-driving machinery and an Internet of Things-based logistics center, are to be interjected as a means of gaining a fully automated port. The project’s distinct blockchain angle is in the new smart cargo integrated control service platform, which will be based on distributed ledger technology (DLT). In a statement, the City of Busan announced that these new systems would improve productivity and decrease costs and the commonality of workplace accidents.

The project essentially aims to revitalize the port and make it more competitive. This message ran through a statement made by Mayor of Busan Byun Sung-wan. He defined it as a “new opportunity for revival” for the regional logistics industry, which struggles in the wake of a COVID-19-induced recession.

These current innovations create on Busan Port’s earlier successes with blockchain technology. Two years ago, a pilot was launched to streamline the process of tracking containers utilizing blockchain technology. After this scheme experienced success, it was fully integrated into Busan Port’s systems.

Busan City itself is also a hub of blockchain innovations, and last July was declared as a “regulation-free blockchain zone.” Last month, a blockchain-enabled identity verification service was launched in the city, which aims to promote payments and access to services in an uncertain post-COVID era.

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