HMM completes its first blockchain pilot voyage

The South Korean ocean carrier’s first blockchain technology adopted pilot voyage involved the transport of reefer containers from Busan, South Korea to Qingdao, China.    Hyundai Merchant Marine (HMM) has completed its first pilot voyage using blockchain technology, the South Korean ocean carrier revealed Thursday.
   Blockchain is essentially a specific type of database where time-stamped and authenticated digital records are compiled.
   The blockchain voyage, which included other members of shipping and logistics blockchain consortium, involved the transport of reefer containers from Busan, South Korea to Qingdao, China from Aug. 24 to Sept. 4. HMM applied blockchain technology from shipment booking to cargo delivery to review the feasibility of adopting the technology into shipping and logistics.
   In addition, combining the blockchain technology with Internet of Things (IoT) technology was tested and reviewed through real-time monitoring and managing of the reefer containers aboard the vessel.
   HMM touted many benefits of adopting blockchain technology in the shipping and logistics industry, noting how it would cut down on paperwork, boost network efficiency, and allow all involved parties to securely share data.
   Looking ahead, HMM is planning on making its second pilot voyage in October with dry containers to destinations such as India, China and Thailand.
   Separately, Danish ocean carrier Maersk Line has revealed its latest blockchain project, a blockchain-based marine insurance platform, in collaboration with EY, Guardtime, ACORD, Microsoft, MS Amlin, Willis Towers Watson and XL Catlin.
   American Shipper analyzed the concept of blockchain technology in the supply chain world in its December 2016 feature article, “The digital ledger.”