SEOUL, May 17 (Korea Bizwire) – SK C&C is launching a new physical distribution service which uses a distributed database system called a blockchain, the company announced yesterday.
Blockchain is a groundbreaking technology that allows users to keep a record of all their transactions transparently, in linear and chronological order.
Instead of saving information on a main server, which has been the conventional method used in the industry for a long time, the new blockchain-based system will allow carriers and distribution industry officials to effectively exchange information through a peer-to-peer networking system.
With all the certified bills of lading and letters of credit incorporated into the database system, the self-learning blockchain-based system can track the whereabouts of cargo containers and collect information which is then shared with distribution industry officials, allowing for a much smoother and swifter transaction and more cost-effective management.
Another perk of the blockchain-based system is that shippers can keep an eye on their cargo in real time, allowing them to respond more quickly to possible accidents, SK C&C said.
Using SK Telecom’s IoT network, SK C&C was able to develop a control system where cargo containers being shipped on land can be managed and tracked down.
“To make the South Korea shipping industry more competitive in the international market, we hope to also develop a blockchain-powered digital logistics network,” one SK C&C official said.
Ashley Song (firstname.lastname@example.org)