Busan Port Transshipment Information Shared in Real-Time Using Blockchain Technology

A system that allows real-time monitoring of transshipment situations using blockchain-based technology will begin service at the end of this month at Busan Port. This world's first commercialization model, where port authorities, shipping companies, and terminal operators share relevant information in real-time, is expected to strengthen the competitiveness of Busan Port, the second-largest transshipment port in the world. On September 24, at the Busan International Port Conference held at the Busan Port International Convention Center, a demonstration of the port monitoring service was conducted at an exhibition booth. International Newspaper D Busan Port Authority (BPA) announced on the 5th that it will provide a "Transshipment Monitoring Service" that allows real-time tracking of vessels and cargo transshipped at Busan Port starting at the end of this month. Initially, the service will be provided to two global shipping companies and four terminals at Busan New Port. Using this service, users will be able to monitor transshipment status, progress information, work times and histories, berth schedules, and more, all in real-time, with an easy-to-read overview. The status of cargo and work progress can also be quickly identified. In case of an emergency due to abnormal weather, an immediate alert will appear, enabling quick responses. The biggest advantage of this service is its high security and reliability. Using blockchain-based decentralized identity (DID) technology, access to verified data is granted only to verified parties. Although companies were hesitant to share critical internal information, the application of blockchain technology ensures that the information is efficiently managed without being exposed externally. Last year, 54% of the total cargo volume (23.14 million TEUs) at Busan Port was transshipped cargo, meaning cargo is moved to another vessel before reaching its final destination. Busan Port has 10 container terminals, and 35% of transshipped cargo is transferred to other terminals. Port operators have struggled with a lack of information about cargo during transshipment to other terminals or failure to share the information promptly, leading to movement errors and congestion. Delays and errors in transshipment are factors that reduce port efficiency due to additional time and costs, and increased berth usage rates. The Transshipment Monitoring Service is part of the Ministry of Science and ICT's "Regional Specialization Project for Blockchain Convergence," with a total project cost of 2.66 billion KRW (10 billion KRW from the Ministry of Science and ICT, 10 billion KRW from Busan City, etc.). A consortium consisting of local companies such as Smart M2M, CONTAINUS, and Goldilocks Shipping won the project and is carrying it out. The Busan Port Authority proposed the idea and oversees the entire project. A BPA representative stated, "This service will allow us to track and manage data in real-time, safely and efficiently, leading to a reduction in overall logistics costs and an increase in efficiency.".