ABN AMRO, the Port of Rotterdam and Samsung SDS have successfully tracked a container utilizing an interoperable blockchain system. This joint proof-of-concept (PoC) experiment saw the three companies moving products from South Korea straight to the Netherlands.
According to a recent report from The Maritime Executive, the shipment was tracked using the “DELIVER” blockchain platform. The system allowed the container to be financed immediately and tracked fully, with all the transactions and monitoring done without using paper.
Paul Smits, the CFO of the Port of Rotterdam explained that the convention shipping procedures were inefficient and involved a lot of papers.
China to Rotterdam
He said that the administration, payments, and physical transportation of shipping containers currently happens through distinct circuits. This has led to inefficiency since there are numerous parties involved and everything is coordinated using paper documentation. As an example, Smits shared that there were about 28 parties involved in transporting their container from China to Rotterdam.
The DELIVER platform was said to be jointly developed by Samsung SDS, the Port of Rotterdam and Dutch Bank ABN AMRO. The three partners apparently designed the platform to be interoperable and to support Hyperledger and Ethereum applications.
Samsung SDS manager Han Seung-yeop shared the Customs Clearance Blockchain System used on the Korean end used the Hyperledger Fabric as a foundation while Rotterdam Port has utilized the Ethereum Platform.
A TokenPost report stated that combining several blockchains actually gives a platform multiple functional advantages, like asset transference, document notarization, and the prevention of double payment.
With the PoC shipment completed, the three companies have signed an agreement to roll-out several pilot projects based on the transportation platform. They also announced that their main objective was to provide an independent and global shipping platform.