Europe’s Largest port of Rotterdam mutually agreed for a pilot project with the IT subsidiary of Samsung and ABN AMRO, a leading Dutch Bank to carry out shipping logistics by deploying blockchain. The announcement made by Samsung on Monday, October. 22.
Samsung SDS – the IT and tech subsidiary founded by Korean tech giant Samsung is actively working on improving the business processes of Samsung with blockchain implementation specifically in supply chain management.
Based on the announcement the testing phase will focus on shipping containers from the undisclosed Asian factory to the port of Rotterdam. This project is aiming to reduce the transaction times for imports and exports, share related documents, and prevent fraud.
The Port of Rotterdam officially broadcasted that trial will commence in January 2019, while the results will be announced next month in February.
Initially, the test will be completed amongst the aforementioned entities if it proves successful the
organization’s plan is to later open the partnerships of the network to other firms as well. Besides this, the announcement also mentions that the infrastructure behind the project is developed by BlockLab. This is a Dutch firm which earlier established by Port of Rotterdam Authority. Additionally, it will involve two more decentralized platforms. These are Corda, a blockchain platform launched by R3, and Nexledger, a platform created by Samsung in 2017.
Escalation of Blockchain adoption in the shipping industry a new trend in 2018
Paul Smits, the CFO of Port of Rotterdam Authority, stated, “the shipping project will involve at least 28 parties, according to its current infrastructure. It is expected that the use of blockchain can shorten the time necessary for the shipment to arrive, as well as to make financial transactions simpler. Smits added that in the future, transportation of goods, their monitoring, as well as financing can become as easy as ordering a book online.”
The President of Samsung SDS EU/CIS, Sanghun Lee, commented on the move by saying that this will be the first time in the history of blockchain that multiple platforms are working together on the same goal. This comes at the time when different blockchain use cases are being tested in a wide variety of industries. Even so, implementation of blockchain in the international shipping industry seems to take precedence.
With the growing interest of the industries due to the benefits of the blockchain technology, it is flourishing worldwide to test and implement for the progression and innovation and to improvise on the conventional processes.
Another example of this was reported earlier this month, with an announcement made by the Spanish city of Valencia that it aims to develop a “smart port”. If successful, this project might spark a new trend in other ports, not only in Europe but the rest of the world as well.
Further back, in September, the UK’s ABP (Associated British Ports) also announced the intention of participating in projects that involve shipments via decentralized solutions. Similar plans were revealed in June by Denmark, which unveiled its intention to use blockchain for local ship registers.