Samsung SDS In Blockchain Partnership With Dutch Bank To Facilitate Shipping
The deal is expected to enhance efficiency and save on costs.
Port of Rotterdam To Take Part In Pilot Blockchain Project
Samsung SDS has inked a partnership agreement with Dutch-based ABN AMRO bank. Under the deal, mechanisms will be established to deploy blockchain in the use of monitoring shipments from Korea to Holland. Samsung SDS is a subsidiary of giant electronic firm Samsung, based in Seoul.
The deal was made public on Monday by Samsung SDS. According to the Korean entity, they will take part in a joint blockchain project that will monitor transportation of containers from industries in Korea to the European country. The containers will be destined for the Port of Rotterdam.
Under the project, Samsung SDS will integrate Nexledger with ABN AMRO’s Corda. Nexledger is blockchain system developed by Samsung. On the other hand, the bank’s Corda platform was developed by R3 based in New York.
According to the bank, the unique project will integrate two varied blockchain systems for the first time ever. In a statement, the facility said that the blockchains will be joined through an overarching notary. The system will link completely different projects in both countries.
Normally, when moving shipment between different jurisdictions, there is a lot of paperwork involved. All aspects in terms of payments and management of the shipment usually happen under separate flows.
The bank pointed out that the pilot project will see all flows joined as one. Additionally, all paperwork will be digitized. The most intensive paperwork usually revolves around waybills and freight services. ABN AMRO statement was released by Daphne Kluis, the head of commercial banking.
According to Kluis, he expects to see costs running into millions of euros brought down due to a high level of efficiency and openness offered by the blockchain systems.
Importantly, the entire project run by the two entities will not involve any paper. Documents like receipts will be verified through a digital system. Furthermore, we will allow for the instant sharing of data that will be able to be accessed by parties on both ends. The entire project will involve the port of Rotterdam, which is the leading facility in Europe. The project is expected to kick off in January next year. Recently, the port operator unveiled a blockchain lab dedicated to coming up with apps focused on decentralized systems.