Port of Rotterdam, Europ’s largest port, has recently partnered with Samsung’s subsidiary called Samsung SDS. The partnership, which also includes Dutch bank, ABN AMRO, has the goal of testing blockchain technology for the purpose of shipping.
Samsung subsidiary partners with Port of Rotterdam and a Dutch bank for blockchain shipping
The announcement of the partnership came today, October 22, from Samsung. The company stated that its IT and tech division — Samsung SDS — will enter a trial with focus on shipping containers from a certain Asian factory to Rotterdam’s port.
While the initial test will only include these three entities, if it proves successful, the collaboration will later open this network to other firms as well. Port of Rotterdam issued its own announcement regarding the test, stating that it should start at some point in January 2019. According to their announcement, the result should be expected in February of the same year.
Furthermore, the announcement also claims that the project’s infrastructure is developed by BlockLab. This is a Dutch firm which was 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.
Blockchain adoption in shipping industry grows to be a new trend in 2018
Paul Smits, the CFO of Port of Rotterdam Authority, stated that 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.
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.