Proving the Business Case for the Internet of Things

Boscoin investigates how blockchain can improve logistics

Steve Rogerson
August 8, 2018
 
Boscoin, South Korea's first blockchain project, is working with the Society of Logistics Science & Technology to conduct research on ways to use blockchain in logistics and distribution.
 
This research is focused on promoting the implementation of blockchain technology by discovering business models that demonstrate ways to use blockchain in the logistics and distribution industry in South Korea as well as by putting forward ways to collaborate with existing logistics and distribution companies.
 
A researcher at the Society of Logistics Science & Technology said: "Few blockchain companies in the private sector both at home and abroad have collaborated with academia to conduct a research project to implement blockchain in the logistics and distribution industry. I hope this project will find ways to transform the logistics and distribution industry through new technologies such as blockchain."
 
In May, Boscoin forged a strategic alliance with Energy7, an energy fintech platform company, to transform petroleum distribution through blockchain. In particular, Boscoin plans to introduce a payment system based on its trust contract to enable transactions without involving a third-party intermediary.
 
The research is expected to help discover a public financing project that best fits Boscoin's main net and put forward an efficient business model of a close partnership with logistics and distribution companies.
 
"Efficient implementation of blockchain by logistics and distribution companies will simplify and automate the dealing process resulting in paperless transactions,” said Yezune Choi, CEO of Boscoin. “The logistics and distribution is one of the industries that will achieve the highest efficiency by transforming its transaction structure through blockchain since it has a complex transaction structure involving multiple stakeholders at each stage."
 
Boscoin was launched through an ICO in May 2017.