Rotterdam Launches Multi-Modal Blockchain Project
The Port of Rotterdam, Samsung SDS, and ABN AMRO, have announced the launch of a container logistics pilot project based on blockchain technology.
The ultimate goal for the three companies, according to a statement, is to achieve the complete, paperless integration of physical, administrative and financial streams within international distribution chains.
The development of the pilot, assigned to Rotterdam company BlockLab, found that there is still a lot of space in the logistics sector to implement digitization, which can be leveraged to achieve greater transparency and efficiency.
Paul Smits, the Port of Rotterdam Authority’s Chief Financial Officer, said: “Currently payments, administration and the physical transportation of containers still take place entirely via separate circuits.
“This results in inefficiency, as many parties are involved and everything is organised via paper documentation.”
Credit: Port of Rotterdam
The pilot, which begins in January 2019, involves the multi-modal transport of a container from a factory in Asia to a location in the Netherlands.
In the first instance, the pilot will be implemented by the three parties, but the cooperative network will then become open for other parties to join.
Daphne de Kluis, ABN AMRO CEO Commercial Banking, commented: “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.”
Sanghun Lee, President of Samsung SDS EU/CIS, added: “Blockchain offers all parties in the logistics chain the opportunity to coordinate activities using validated data and without central management. Digitisation provides automation, which creates an ultra-efficient logistics chain.
“What is particularly special about the project is that, for the first time in the rather short history of this technology, we can have different blockchains operating together.”