In the latest blockchain news, we have a new initiative initially coined by Samsung SDS, the IT subsidiary of the Korean giant Samsung – and their new collaboration with the major Dutch bank ABN AMRO – to build a logistics blockchain pilot that will track the shipments of a container from Korea to the Netherlands.
The official announcement came this morning, where Samsung SDS revealed details of the new partnership with the Netherlands ‘big three’ bank in order to build a joint blockchain pilot that will track the multi-modal transport of containers from a factory in Korea to the Netherlands through the Port of Rotterdam which is the largest shipping port by its freight volume in Europe.
Obviously, the pilot will involve Nexledger as Samsung’s enterprise blockchain – as well as ABN AMRO’s platform Corda which was developed by the New York-based industry firm R3.
According to ABN AMRO, this ‘special’ project brings two different blockchains together. As a spokesperson from the company said, this happens “for the first time in the rather short history of this technology” and takes place via an “overarching notary that connects the separate blockchains located in Korea and the Netherlands.”
The bank also envisions millions of euros in savings in the long-term due to the enhanced efficiency and transparency from the blockchain-powered logistics chains. Initially, everything will be paperless and will electronically confirm receipt and payment of the trade as well as real-time sharing of documents viewable only by the shipper, receiver and port operator.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post