Blockchain To Be Used At Shipping Ports
The mobile phone giant Samsung is joining forces with ABN AMRO, a banking firm in the Netherlands to improve logistics processes at the Rotterdam port in the country which has the biggest port in the whole of Europe.
There is a good reason behind this partnership as when shipping containers go out to sea, hundreds of documents have to be filled out. As put by crypto briefing, it takes a book size amount of paperwork to send flowers from Kenya to the Dutch country.
Samsung is one of the biggest companies in the world and the leading enterprise in blockchain providers. In an announcement earlier this week on 22nd October, the South Korean giant said that they will start to help the Dutch bank track the test shipment of a container from a Korean factory to Port of Rotterdam in the Netherlands. The port is the busiest in Europe with more than 460 million tonnes of freight volume coming in and out every year.
The blockchain project will start in January next year and if it turns out to be successful then it has the potential to fully digitise documentation and enable real-time sharing all across the globe.
The vice president of logistics at Samsung, Kim Hyung-tae spoke on the matter and said:
âWe have been very interested in logistics blockchain in Korea and Europe. It will be an opportunity to increase logistics business competitiveness and expand the blockchain platform business globally.â
The tech company and banking giant teamed up with Rotterdam Port Authority in an attempt to link to two separate blockchains. The end goal is the make the logistics process a lot more simple financial transactions such as confirmation of payments.
The companies intend to expand their businesses to abroad entities and shipping companies in order to further develop their partnerships with other operators of the blockchain.
Chief financial officer of Rotterdam Port spoke said this on the matter:
âCurrently payments, administration and the physical transportation of containers still take place entirely via separate circuits. For instance, an average 28 parties are involved in container transport from China to Rotterdam. The transportation, monitoring and financing of freight and services should be just as easy as ordering a book online.â
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