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A new pilot program through the Port of Rotterdam Authority is launching a logistics plan using blockchain technology.
Logistics sector improvements today commonly used digitization to achieve improvements with transparency and efficiency. In a brand-new pilot project partnership ABN AMRO as well as the Port of Rotterdam Authority and Samsung are all working to utilize blockchain technology in their container logistics. The end goal of this program is to properly integrate administrative tasks, physical inventory and financial streams within their various distribution chains.
The program itself could mean an ongoing monitoring of not only the transportation and freight services but also monitoring of the financing and contracts surrounding each container. Having these ongoing services could make ordering and tracking even on large inventory shipping crates, as easy as ordering a package off of Amazon and tracking it.
The process of making a payment, administrative tasks, physical transportation tracking and documentation on every shipping crate currently happens through a variety of separate services. This can lead to a massive amount of inefficiency especially for anyone that’s trying to organize the documentation. For roughly one container to transport from China to Rotterdam it takes roughly 28 people to oversee the data.
This pilot project was developed in assigned to Block Lab and commissioned by the Port Rotterdam Authority.
Having the option for shippers to have a global platform to track the logistics chain in an efficient way could potentially save millions of euros and countless hours in labor. The notary and smart contract technology will be integrated with blockchain. With current standards, multiple levels of verification needs to take place and there also has to be a central management and governing party. Digitization efforts can provide automation and this can often lead to a much more efficient chain of logistics.
What could eventually happen is the chance for the blockchain of smart contracts from Rotterdam to span out in two other separate blockchains that connect together two countries in their shipping process. The Netherlands and Korea for example could share their information and produce blockchain smart contracts that share integrated data on their shipping containers as they are moving.
In order for this program to properly take off there needs to be a multi-level of support in the connections from Asia to the Netherlands. During pilot testing three parties will form a cooperative network and eventually open up to include other worldwide parties for a larger blockchain network. The first pilot project for this development will start in the New Year with studies announced on its results coming in February of 2019. This is the second port authority that is about to begin using blockchain technology after Abu Dhabi Ports also announced on a similar integration.