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Samsung SDS enters into an alliance with the Dutch bank ABN Amro to carry out a pilot test of the Nexledger blockchain applied to the shipment of cargoes from Korea to the Netherlands.
The Korean subsidiary of Samsung and one of the leading banks of the Netherlands. They made the announcement Monday, saying that from January 2019, tests will be conducted with a blockchain to track the transfer of a container from a factory in Korea to Dutch port of Rotterdam. This city has always been characterized by significant maritime traffic and is currently the largest and most active port in Europe.
The blockchain to use is Nexledger, a private platform developed by Samsung and connected to the Corda network, which is being developed by the R3 consortium. The idea is to synchronize the events of a commercial exchange of this type into a single place and back up the manual validation processes and the documents that they imply. Thus, in the blockchain will be recorded payments, administrative management and real-time travel impacts.
"We will integrate all these workflows into our pilot: from work management to traceability of documentation up to the financing of freight handling or services," said Daphne de Kluis, Head of Commercial Banking at ABN Amro.
Companies forecast long term savings of several million euros given the efficiency and transparency of supply chains managed by blockchain. In this way, you can also save paper and share information in real time with all participants in the transaction; who sends, who receives and the port operators.
As stated in the statement, the companies involved in this initiative also plan in the future to implement the use of this chain of blocks for other elements of transport and supply chain. Sourcing, in addition to establishing alliances with other companies around the world for this purpose.
Previous contact with blockchain
At the end of last year, Samsung SDS completed its South Korea Freight Project which also used the Nextledger restricted-access blockchain for storing data and documents related to these operations. Likewise, they were preparing to give international visibility to this application, which seems to have materialized with the information of today.
The Port Authority of Rotterdam has previous experience in the sector, since it has launched with the city council a blockchain research laboratory called Blocklab in 2017. For the development of this project, they had support from various institutions such as the University of Applied Sciences Rotterdam.
Image selected by: Frank Boston / stock.adobe.com
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