First Blockchain-Based Shipment Tracked From South Korea To The Netherlands
Samsung SDS, Dutch bank ABN AMRO and the Port of Rotterdam collaborate to conduct a proof-of-concept (PoC) shipment from South Korea to the Netherlands, which tracked a container exclusively using an interoperable blockchain platform, as reported by The Maritime Executive on July 1.
As per the announcement, the said container was tracked through a blockchain platform “DELIVER.” The platform enabled the shipment to be instantly financed, fully tracked, and conducted paperlessly. Port of Rotterdam CFO Paul Smits asserted that the traditional process of shipping is usually paper-heavy and inefficient:
“Currently payments, administration and the physical transportation of containers still take place entirely via separate circuits […] This results in inefficiency, as many parties are involved and everything is organized via paper documentation. For instance, an average 28 parties are involved in container transport from China to Rotterdam.”
According to TokenPost, Co-developed by the three partnering organizations, DELIVER is an interoperable platform that supports Ethereum and Hyperledger applications. As per the report, with integrating multiple blockchains comes a number of functional benefits that includes document notarization, double payment prevention, and asset transference.
Han Seung-yeop, a manager at Samsung SDS reportedly commented:
“The Customs Clearance Blockchain System at the Korea Customs Service is based on Hyperledger Fabric, while Rotterdam Port in the Netherlands is using the Ethereum Platform […] We started the Deliver project to connect different platforms.”
The Port of Rotterdam further announced that since the proof-of-concept shipment is complete, the organizations behind the project signs an agreement to launch multiple pilot projects based on the shipping platform. They further added that the end goal is to provide a global and independent platform for shipping.
The Samsung SDS, Dutch bank ABN AMRO and the Port of Rotterdam initially announced their partnership and intention of testing a blockchain solution for shipments in October of last year.
Image Source – Pixabay.com