The Port of Rotterdam is planning to leverage blockchain technology in a bid to enhance transparency and ease of freight transport. For that reason, the Port Authority, Samsung SDS, and ABN AMRO have joined forces to launch a pilot program based on the technology.
Port of Rotterdam Blockchain Project
The three intend to use blockchain technology to complete paperless integration of physical and administrative streams. There are also plans to use the technology to streamline financial flows within the distribution chains.
Currently, payments, administration, and physical transportation of containers take place via separate circuits. This results in expected inefficiencies given the number of parties involved in the entire paperwork system. However, that will change with the integration of blockchain technology.
Automation of transportation, monitoring, as well as financing of freight and services should come into play. The end goal of the Port of Rotterdam is to have a process as easy as ordering anything online and having it delivered at the desired address. Likewise, BlockLab is to come up with the proposed blockchain system.
The pilot program is to include a multi-modal transport monitoring system. The system is to track a container from a factory in Asia to a location in the Netherlands as part of the pilot program. Initially, it’s only the three parties implementing the pilot program. However, once everything falls in place, the cooperative network will be open for other third parties to join.
The pilot testing phase should start early next year with results slated for release sometime in February.
“We will be integrating all these flows in our pilot: from workflow management combined with track & trace to the digitization of paper documentation such as waybills and the financing of handled freight or services,” said Daphne de Luis, ABN AMRO CEO Commercial Banking.
Blockchain in Supply Chain Management
The use of blockchain technology in logistics and supply management continues to gain prominence. The fact that the technology is capable of coordinating activities using validated technology furthermore continues to fuel its use.
The Port of Rotterdam is not the only one leveraging the digital ledger technology to enhance cargo movement. Abu Dhabi Ports has already partnered its Belgian counterpart as part of the blockchain-powered supply chain pilot project.
Silsal is the name of the blockchain solution the two are working on, similarly, to gain full visibility and streamline trade flows. The two intend to use the technology to automate identification and acknowledgment of cargo.
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