Major Asian Port Launches Blockchain System

bloackchain asia

The Busan Port Authority (BPA) has announced its intention to establish a blockchain-based inter-terminal transportation (ITT) system to enhance its ITT flow.

According to a company statement, the blockchain-based system is expected to be launched in August and fully operational by October in all its container terminals five shipping companies, and ten transportation companies.

(Busan, South Korea)

The initiative is the result of a joint investment by the South Korean Ministry of Science and ICT, the Ministry of Oceans and Fisheries, and the private sector.

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In January, BPA began testing the service with five companies from different sectors including shipping, transportation and logistics. Around 30 to 80 transportation orders a day have been reportedly issued using blockchain technology, and operators were able to check orders via a smartphone application.

BPA also announced its plans to develop additional services to guarantee a real-time flow of information of the container transportation status to shipping companies, as well as of the container stowage status to transportation companies.

The authority aims to increase efficiency in transportation planning and reducing the truck waiting time to enter/exit terminals at the Busan Port.

“After adopting the blockchain-based ITT system, the Authority will continue to improve the logistics flow in Busan Port by establishing an integrated logistics platform to make container entry/exit reservation possible”, said BPA official in a statement.

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