Samsung SDS And ABN AMRO To Establish Europe−Asia Blockchain Supply
Samsung SDS, a subsidiary of Samsung, and the Dutch bank ABN AMRO, one of the largest financial institutions in Europe, have entered into a partnership agreement to launch a blockchain tracker that will monitor maritime shipments, CCN reports.
According to a report on the Korean website version of Samsung SDS, the main goal of the cooperation with ABN AMRO is to apply blockchain technology as part of the product delivery from Korea to Rotterdam, the largest European port in terms of cargo turnover.
Allegedly, the decentralized tracking system will significantly reduce the processing time for export and import shipments, provide access to the documents and prevent fraud cases in logistics chains.
The new partner project will use two blockchain platforms for further system development. The Korean side will provide the Nexledger platform, developed by Samsung, and the Netherlands will connect the American blockchain platform Corda, created by R3, to the system. Completion of the project is scheduled for February 2019.
Daphne de Kluis, chair of ABN AMRO's commercial department, explained that they would be able to transfer all financial documentation and invoices into digital form by applying blockchain. De Kluis believes that this project will help save huge sums by using blockchain as the main method of tracking freight for a long time.
The system testing will be conducted in January 2019 with the participation of the regulator of the port of Rotterdam, which founded the blockchain laboratory for the study and application of decentralized systems in 2017.
As previously reported, another major European port in Valencia intends to use blockchain to create a smart port.