Cargo containers are piled up at an inland container depot in Uiwang, Gyeonggi Province, south of Seoul, with a row of cargo trucks parked alongside, in this photo taken June 13, 2022. (Yonhap)
SUWON, Aug. 25 (Korea Bizwire) — South Korean researchers have developed a new artificial intelligence (AI) solution that can set the appropriate cargo freight rate by using about 2 million big data records, including the day of the week, transportation time and weather.
The Gyeonggi Provincial Government said Tuesday that scientists from Kyonggi University, who are conducting research at the Gyeonggi-do Regional Research Center, have developed a freight transportation brokerage upgrade service in collaboration with a private company, and are preparing to commercialize the technology.
In the domestic freight transportation market, there are no standardized freight rates, so there is room for dispute over the setting of freight rates between the shipper and the transporter.
The newly-developed service provides appropriate freight rates to shippers and transporters, thereby narrowing the gap in their opinions.
The research team succeeded in deriving a reasonable freight rate based on considerations of various factors, including the day of the week, weather, weight and distance.
The research team noted that by entering the cargo type and destination, it is possible to present an accurate freight rate compared to existing data.
Using this technology, a freight transportation brokerage platform is now engaged in developing a mobile app that can provide a standardized freight rate service.
Kevin Lee (kevinlee@koreabizwire.com)
