Samsung SDS, ABN AMRO to Link Blockchains in Europe’s Biggest Shipping Port
Samsung SDS, the IT subsidiary of Korean giant Samsung, is collaborating with Dutch &lsquobig 3&rsquo bank ABN AMRO for a logistics blockchain pilot tracking the shipment of a container from Korea to the Netherlands.
In an announcement on Monday, Samsung SDS revealed details of a new partnership with the Netherlands bank for a joint blockchain pilot to track the multi-modal transport of a container from a factory in Korea to the Netherlands by means of the Port of Rotterdam, Europe&rsquos biggest shipping port by freight volume.
Specifically, the pilot will involve the linking of Nexledger, Samsung&rsquos enterprise blockchain, and ABN AMRO&rsquos Corda platform, created by New York-primarily based market firm R3.
ABN AMRO claims the &lsquospecial&rsquo project brings two various blockchains together &lsquofor the very first time in the rather brief history of this technologies&rsquo, adding &lsquothis takes spot by means of an overarching &lsquonotary&rsquo that connects entirely separate blockchains in Korea and the Netherlands.&rsquo
Traditionally, an international trade finance transaction involving shipments sees payments, administration and the physical transportation of containers happen in separate flows with a paper-intensive manual process. &ldquoWe 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 solutions&rdquo ABN AMRO&rsquos industrial banking chief Daphne de Kluis explained.
The banking executive envisions &ldquomillions of euros&rdquo of savings in the extended-term due to enhanced efficiency and transparency from blockchain-powered logistics chains.
The blockchain pilot will be entirely paperless and will electronically confirm receipt and payment of the trade alongside genuine-time sharing of documents that are viewable by the shipper, receiver and port operator.
The three parties, including the port of Rotterdam, will conduct the pilot in January. The Port of Rotterdam Authority, the operator of Europe&rsquos largest and busiest shipping port, notably launched a &lsquoblockchain field lab&rsquo in 2017 to analysis and develop applications based the decentralized technologies.
Samsung SDS is currently portion of blockchain consortium comprising of a number of Korean authorities and logistics giants, functioning toward a unified purpose to place all exports and imports in South Korea on a blockchain. In September this year, Samsung SDS entered an agreement with the Korea Customs Service (KCS) to create a customs logistics service powered by blockchain technology.
Featured image from Shutterstock.
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Published at Mon, 22 Oct 2018 08:44:41 +0000