Samsung SDS and ABN AMRO are collaborating on logistics for blockchain pilot shipment tracking from Korea to the Netherlands. The IT subsidiary of Korean company Samsung revealed recently that its new partnership with the Dutch bank will track the multi-modal transport of a container starting its journey from Korea to the Netherlands via the Port of Rotterdam.
The Port of Rotterdam is the largest shipping port by freight volume in Europe. The pilot project will specifically link Samsung’s enterprise blockchain Nexledger, and the New York-based R3 firm developed Corda platform of ABN AMRO.
Logistics blockchain pilot project to bring two blockchains together
According to ABN AMRO, the logistics blockchain project will bring together two different blockchains on one platform for the first time ever in the short history of the DLT-based technology. The Netherlands bank further added that the overarching notary connecting separate Korean and the Dutch blockchains has made this possible.
In a traditional environment, the financial transaction in an international trade involves shipments seeing administration, payments, as well as physical transportation of containers. All these processes occur in different flows dominated by the paper-intensive manual process. The commercial banking chief of ABN AMRO Daphne de Kluis 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.”
According to the banking executive, the project will help save millions of Euros in the long run as the blockchain-enabled logistics chains will perform with enhanced transparency and efficiency. Importantly, the entire blockchain pilot paperless project will confirm the receipt electronically. The shipper can view the trade alongside through real-time sharing of documents.
Samsung, ABN AMRO to conduct pilot project in January
As per the report, the three parties including ABN AMRO, the South Korean electronics giant and the port of Rotterdam will conduct the logistics blockchain pilot project in January next year. The Authority at Port of Rotterdam launched a blockchain field lab last year for researching and developing decentralized technology-based applications.