KT's logistics platform wing releases AI freight brokering service

By Kim Joo-heon Posted : May 9, 2022, 13:48 Updated : May 9, 2022, 13:48

[Courtesy of KT]

SEOUL -- lolab, the digital logistics platform wing of South Korea's major telecom company KT, launched an artificial intelligence-based freight brokering service targeting the rapidly growing logistics industry. Once users register their cargo information into the system, the platform will find the best-matching driver for a minimum fee. Government data showed that South Korea's logistics industry is projected to reach 116 trillion won ($90.9 billion) in 2025 and 140 trillion won in 2030. 
lolab said that the company released a freight brokering service platform called "Brokarry" to help customers find matching logistics services for a low fee. The platform matches drivers when users register their cargo information. It calculates logistics costs based on travel distances, vehicle models, and destination areas. The service will consistently match cargo owners and drivers to minimize the time truck owners spend driving empty vehicles. Drivers will be paid a day after the service.
"Although the logistics market is growing rapidly, most logistics workers suffer from high cost and low efficiency due to analog methods. Such a situation led us to think that digital transformation was urgent," lolab CEO Choi Kang-rim said in a statement on May 9.
"Yongdal" is one of the most well-known freight brokering services in South Korea. When users post their photos of cargo on Yongdal websites, service managers find the best-matching vehicle. Users are required to pay logistics costs of more than 50,000 won and additional costs depending on the size and weight of the cargo. The service is also frequently used by business operators moving to a new office or young people moving from a single-room apartment to another. 
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