Blockchain and Shipping: Samsung SDS Signs Deal with Largest Port in Europe

Blockchain and ShippingBlockchain and Shipping

Samsung SDS, the blockchain subsidiary of the tech giant Samsung, has just announced its partnership with Europe’s largest port, the Port of Rotterdam. In addition to this agreement, the Major Dutch bank, ABN AMRO, will also be in on the blockchain and shipping deal.

Samsung SDS: Blockchain and Shipping

The Samsung subsidiary released the news via a press release this morning. According to Samsung SDS, its trial will focus on shipping containers from an unnamed factory in Asia to the port of Rotterdam.

The Port of Rotterdam is located in the SouthWest corner of the Netherlands. The port also released its press release of the blockchain and shipping partnership, dated back to the 19th of this month. As per the Port’s release, the blockchain experiment will begin in January 2019, and the results will be released in February.

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Daphne de Kluis, ABN AMRO CEO Commercial Banking, explained:

“We will be integrating all these flows in our pilot: from workflow management combined with track & trace to the digitisation of paper documentation such as waybills and the financing of handled freight or services. The ultimate goal is to reach an open, independent and global platform that operates from the perspective of shippers. This will make the logistics chain more transparent and efficient, and millions of euros can be saved in the long term.”

Details

The infrastructure behind the blockchain and shipping project was developed by BlockLab, a Dutch Company established by the Port of Rotterdam Authority. BlockLab’s work will also include two other decentralized platforms: Samsung’s Nexledger and Corda, an open-sourced blockchain platform designed by R3.

The members of the blockchain trial expect that the pilot will show a reduction of time spent on shipments, as well as help simplify financial transactions. With the current structure, the logistics in shipping from Rotterdam to China involve at least 28 parties.

Featured Image: Depositphotos/© Fotofabrika

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