Samsung and ABN Amro trial blockchain shipping project
Samsung announced on Monday that it was collaborating with Dutch bank ABN Amro to trial a project that applies blockchain to shipping goods leaving Asia and arriving in the port of Rotterdam.
Samsung and ABN Amro will use their blockchain platforms Nexledger and Corda respectively to reduce transaction times for a range of administrative-related transactions. ABN Amro in a release says the pilot involves the multi-modal transport of a container from a factory in Korea 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. The pilot will be conducted in January next year.
The pilot will integrate payments, administration and the physical transportation of containers. ABN AMRO’s CEO of Commercial Banking Daphne de Kluis explains: “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.”
Blockchain has promised to revolutionise the shipping industry known for the reams of paperwork necessitated for sending goods around the world.
However, the enormity of the task is clear by the number of consortiums and collaborations between shipping companies, customs organisations and other companies testing blockchain-based platforms. It would be a radical solution if a protocol was eventually created to allow all news systems into one large platform.
“This would be the biggest innovation in the industry since the containerization,” contends Rahul Kapoor, analyst at Bloomberg Intelligence in Singapore in a recent article. He added, “It basically brings more transparency and efficiency. The container shipping lines are coming out of their shells and playing catch-up in technology.”