“The ultimate goal is for a complete, paperless integration of physical, administrative and financial streams within international distribution chains,” the Port of Rotterdam stated in a press release.
The project aims to see blockchain technology connect container logistics and payments, digitally transforming the system to become more transparent and efficient.
“Currently payments, administration and the physical transportation of containers still take place entirely via separate circuits,” commented Paul Smits, Chief Financial Officer at the Port of Rotterdam.
“This results in inefficiency as many parties are involved and everything is organised via paper documentation.”
“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.”
The blockchain pilot will be introduced to operations in January 2019 and will initially track a container from Asia to the Netherlands.
“We will be using blockchain technology to create this,” added Sanghun Lee, President of Samsung SDS EU/CIS.
“Blockchain offers all parties in the logistics chain the opportunity to coordinate activities using validated data and without central management.”
“Digitisation provides automation, which creates an ultra-efficient logistics chain. 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.”