Logistics Giant Enters Blockchain Arena

Lotte Global Logistics – the distribution, shipping and delivery subsidy of South Korean-Japanese conglomerate Lotte – is developing a blockchain-powered solution for use in its operations. The company ships to locations around the world and has some 1,000 overseas offices.

The news comes just days after it was revealed that Lotte Global Logistics had joined the Blockchain in Transport Alliance (BiTA), an international consortium of around 400 blockchain-related companies, tech giants and logistics firms. The consortium’s members include the likes of UPS, Microsoft, HP and Warren Buffett’s BNSF Railway Company. One of Lotte’s chief domestic rivals, CJ Logistics (part of the CG Group), joined the BiTA back in May.

Per South Korean media outlet Global Economics, little is known about Lotte Global Logistics’ new solution other than the fact that it is likely to be applied to the company’s shipping operations. The company has previously stated that it is looking into advanced mobile application developments and drone-related services, and the new solution could well be integrated into these areas.

Global Economics quotes BiTA officials as saying Lotte’s rich supply chain-related experience would be of “great help” to fellow members.

Lotte’s financial arm, Lotte Card, began blockchain pilots with a domestic tech startup for biometric, blockchain-powered authenticated payment apps back in 2016.

Lotte Group has also been active in the world of cryptocurrencies. Last month, the group announced that a health center that occupies two floors of the Lotte World Tower (the fifth largest building in the world) would begin accepting payment in the Life Care Global Coin (LCGC) cryptocurrency – developed by Hong Kong firm GCM in association with Lotte. Unconfirmed reports state that Lotte also plans to allow LCGC token holders to use the cryptocurrency to pay at Lotte-owned golf courses, hotels, department stores and duty-free shops.