HJ Heavy Industries (CEO Hong Moon-ki) announced on the 27th that it will present a new direction to revitalize the shipbuilding industry under the theme of “Collaboration of Shipbuilding and Blockchain Technology” at the “BWB 2022” conference hosted by Busan City on the 28th.
BWB 2022 is a global blockchain event held in BEXCO from the 27th to the 29th, and is expected to be a venue for information exchange and exchange in the blockchain industry.
Vice President Yoo Sang-chul will be the speaker of HJ Heavy Industries. Yoo, who serves as vice president of HJ Heavy Industries’ management planning division, is one of the most experienced experts in both shipbuilding and ship finance, as he established a ship fund for the first time in Korea.
HJ Heavy Industries plans to present the direction of the domestic shipbuilding industry in the blockchain era with $29.1 billion in exports in 2021, focusing on the reality of the domestic shipbuilding industry facing various difficulties, how to raise funds using “STO” (Security Token Offering), and innovative effects on various front and rear ecosystems.
If ship financing investment using STO is activated in the future, the shipyard will be able to secure stable construction and competitive orders by securing construction costs. Furthermore, it is expected to contribute greatly to the development of related industries by expanding the shipowner’s shipbuilding volume as well as increasing the work of domestic shipyards.
If the establishment of a digital asset exchange using the STO platform is promoted and related systems are established, it is also good news for Busan, which is pushing for a specialized maritime financial hub and a global blockchain city.
In fact, STOs of various assets such as real estate, various artworks, and stocks are currently being attempted around the world. In particular, the domestic industry has continuously raised the need to revitalize the ship finance ecosystem in which the private sector participates in the form of distributed investment as traditional financial institutions such as banks have been decreasing since the 2008 financial crisis.
An official from HJ Heavy Industries said, “Ship finance’s securities tokenization can create new opportunities in the shipping and shipbuilding industries as it can make convenient and safe transactions with small distributed investments,” adding, “If a stable supply of work is made through blockchain-based digital business models and financial products, it will open a new horizon for the development of the domestic shipbuilding industry.”