ABN Amro is working with the Port of Rotterdam Authority and Samsung SDS on a container logistics blockchain pilot.
Currently, the physical, administrative and financial streams within international freight distribution steams are carried out in separate flows.
The partners want to make the transportation, monitoring and financing of freight and services as simple as "ordering a book online," says Port of Rotterdam Authority's CFO, Paul Smits.
To do this, the partners are tapping blockchain tech for a pilot that involves the multi-modal transport of a container from a factory in Asia to the Netherlands. The pilot will be implemented by the three parties, but the cooperative network will then become open for others to join. The pilot starts in January, with the results announced in February 2019.
Says Sanghun Lee, president, Samsung SDS EU/CIS: "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.
"This takes place via an overarching ‘notary’ that connects entirely separate blockchains in Korea and the Netherlands."
Daphne de Kluis, CEO commercial banking, ABN Amro, adds: "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."