The Busan Port Authority (BPA), in South Korea, announced that it will start this month a project based on blockchain to improve the flow of container transport between the terminals of the port.
The agency said the joint work with the Ministry of Science and Technology of South Korea, the Ministry of Oceans and Fisheries and the private sector will present the initiative this month and then put it into operation in October this year.
Already in January of this year, BPA had tested the blockchain-centric system with five shipping, transport and logistics companies, closing this trial with an average of between 30 and 80 orders per day, together with the fact that customers were able to follow the routes through their mobile applications.
After the trial, BPA estimates that the waiting time for the transfer of containers between one ship and another will be reduced, as well as the transmission of information to the shipping companies in real time of the goods in the containers, which contributes to logistics and to the considerable increase in the volume shipped from the port to the city.
Busan is one of the South Korean metropolitan cities with the highest economic growth due to its geographical location, port economy and high exchange with the world. Busan’s port economy is ranked as the most important in South Korea and the fifth largest in the world.
Several international ports are already working with blockchain solutions, such as the PSA of Singapore, the Port of St. Petersburg, and in Spain with the ports of Algeciras, Valencia, and in Canada with Halifax.