Busan Port Enhances Transshipment Competitiveness

Busan Port will be the first in the world to establish and operate an advanced transshipment system. By advancing and optimizing the second-largest transshipment logistics in the world, it aims to enhance port operational efficiency, strengthen competitiveness, and raise its international standing. Busan Port Authority (BPA) and the Smart M2M consortium announced on the 28th that they have completed the development of the "Blockchain-based Transshipment Monitoring System (Port-i)" and will begin beta testing as early as December. "Port-i" is a system designed to support faster, simpler, and more accurate handling of transshipment cargo. It provides key information needed for optimal transshipment cargo management, including transshipment status, vessel and cargo monitoring, anomaly detection, terminal schedules, and more, to shipping companies, terminal operators, and transportation companies. By integrating blockchain technology, concerns regarding data security and system operation have been resolved. Using a cloud-based blockchain (BaaS) model, data is exchanged and managed securely without the risk of leakage. Shipping companies can increase vessel load factors through timely transshipment, boosting revenue while reducing various ancillary costs associated with terminal use. Terminal operators can optimize terminal operations by increasing yard utilization during timely transshipment, and transportation companies can reduce unnecessary waiting times, improving cargo turnover rates. The city of Busan expects this system to enhance the overall transshipment competitiveness of Busan Port, leading to an increase in cargo volume and raising the port's international status. Although Busan Port is the second-largest in the world for transshipment cargo handling, it did not have a unified system for transshipment cargo management. There was a lack of information sharing between terminals, shipping companies, and transportation companies, with concerns about sharing or providing the necessary data. This is why BPA proposed and led the development of "Port-i." After proposing the system development, BPA, as a public institution, promoted the integration of blockchain technology and its reliability and responsibility, persuading terminal operators, shipping companies, and transportation companies to participate. As a result, numerous major terminal operators, shipping companies, and transportation companies based at Busan Port have contributed terminal, vessel, and cargo information necessary for the development of Port-i and are using the service. Park Kyung-chul, head of the Digital Information Department at BPA, stated, "The development of Port-i was made possible by informing and persuading the stakeholders about the necessity of the system, leading to cooperation. It will become a successful case that benefits all participants and contributes to strengthening the transshipment competitiveness of Busan Port." The development of "Port-i" is part of the "Blockchain Specialized Cluster Formation Project (2024-2026, with a budget of 20 billion KRW)," supported by the Ministry of Science and ICT, the Korea Internet & Security Agency, Busan City, and Busan Technopark. The Smart M2M consortium, led by BPA and including companies such as CONTAINUS, Goldilocks Shipping, and SmartCube, jointly developed the system..