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SM Line successfully finalizes a pilot block chain operation
Wednesday, November 08, 2017, 17:14:55 Paul Yoon ckyoon7@paran.com
SM Line unveiled on Nov. 7 that it has successfully carried out a pilot voyage by adopting a block chain (BC) technology.

Participating in a BC consortium with Samsung SDS, Korea Customs Service and MOF (Ministry of Oceans and Fisheries), SM Line has successfully lifted container cargoes on a pilot voyage from Korea to Bangkok and Ho Chi Mihn, using new technology of BC system for testing. This is a new technology that emerged all combining cargo trace with simple shipping documents, customs service and banking service during the voyage.

The shippers for exports have previously had to separately pass all the shipping documents required including packing list and invoice to cargo receivers for imports, to banks and customs involved, but all these information are shared in real time by the concerned parties under BC without actual documentation. Also, this BC technology makes it impossible characteristically to fake or modify the shipping documents, leveling up cargo security. Notably on the pilot voyage, eye-catching was the BC technology applied to sea-transport, linking banks with underwriters and customs for the first time in Korea.

The banks concerned have previously collected all the shipping documents including letters of credit, evidence of export-customs declared and bill of ladings, time-consuming, but relying on the BC technology, all the necessary information can be shared in real time without complicated collection of the shipping documents. Moreover, the insurance policies for cargoes are validated under the BC system, upgrading transparency in the shipping deal. The new technology of BC adopted in the pilot testing of shipments has successfully shortened documentation time and simplified documentation procedures, Maritime Press is told.

SM Line and other related BC consortium members will continue to expand the extent of using the new technology, persistently checking supplementary points ahead, Maritime Press understands.

A SM Line official revealed the shipping line’s plan ahead, saying: “All of SM Line’s managers are making their best efforts to preemptively keep up with the looming 4th Industry Revolution across the whole maritime services. Our target is to use the BC technology in providing premium service to our customers by simplifying logistics process.”
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