In order record a successful trial of the blockchain technology in the shipping sector, a press statement from Samsung on Monday, October 22, 2018 revealed that the largest port in entire Europe, the Port of Rotterdam has sealed a partnership agreement with ABN AMRO, a major Dutch bank and also the tech and IT division of Samsung.
Samsung SDS Partners with Port of Rotterdam
The tech and IT division, Samsung SDS developed by the Korean tech stalwart Samsung, will be engaged in this project to focus on shipping containers from the factory in Asia which was not disclosed into the port of Rotterdam.
As it stands, only the three companies involved in the collaboration will be privy to the completion of the first test, but that certainly plans to accommodate other companies on the network. Based on official reports from Port of Rotterdam the trial is set to commence by January next year with the assurance that the result of the trial would be announced in February.
The announcement further revealed that the infrastructure behind the project was built by a Dutch company established by the Port of Rotterdam Authority, BlockLab. Also, two decentralized platforms would be carried along in this project namely; Samsung’s Nexledger, established in 2017, and an open-source blockchain platform launched by enterprise software firm R3 known as Corda.
Blockchain in Shipping
In the port’s official publication, Smits stated that “The transportation, monitoring, and financing of freight and services should be just as easy as ordering a book online,” this is enough to certify that the members of the blockchain trial are working with the vision of achieving a simplification of financial transaction and a reduction in time spent on shipments.
Sanghun Lee, President of Samsung SDS EU/CIS, emphasizes the fact the trial is the first in history where different blockchain platforms will be working in harmony:
“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.”