As it has been revealed, the IT subsidiary of Korean giant Samsung, Samsung SDS, will connect its Nexledger blockchain platform with ABN AMRO’s counterpart Corda to apply in shipping logistics.
Samsung SDS and ABN AMRO’s Partnership
Samsung SDS has disclosed the details of its newly established collaboration with the Netherlands bank. Their joint blockchain pilot will be aimed at tracking the multi-modal transport of a container that will be delivered from a a factory in Korea to the Netherlands through the Port of Rotterdam, which is known to be the largest shipping port by freight volume in Europe.
The pilot itself presupposes creation of a blockchain-based platform with a view to ensure digitization of administration processes for the international finance and logistics related to container transport.
It is planned to realize this idea via linking of Nexledger, which is Samsung’s enterprise blockchain, and ABN AMRO’s Corda platform, that was built by R3, a well-known New York-based industry firm. So, it will be the first example in the comparatively short history of blockchain technology when two different, entirely separate blockchains are put together.
Main Aim of the Project
Speaking about the idea that is lying behind the pilot, ABN AMRO’s CEO of Commercial Banking Daphne de Kluis said:
“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.”
He also added that:
“The ultimate goal is to reach an open, independent and global platform that operates from the perspective of shippers. This will make the logistics chain more transparent and efficient, and millions of euros can be saved in the long term.”
In the first instance, the pilot will be conducted by three parties: Samsung SDS, ABN and the Port of Rotterdam Authority. Nevertheless, later, it is planned to open the cooperative network for other parties to join.
The blockchain pilot will represent itself an entirely paperless project. It presupposes electronic receipt and payment confirmation as well as real-time sharing of documents that can be visible for the shipper, receiver and port operator.
While the parties are actively working on preparation for the launch of their project, it is expected that it will take place in January 2019.
Samsung SDS and Blockchain Technology
As CoinSpeaker has reported, last year Samsung SDS was chosen by the Seoul’s authorities to participate in the city-wide blockchain project aimed at developing the most feasible ways to apply blockchain technology to all the city’s administrative procedures.
Moreover, Samsung SDS in collaboration with various Korean authorities and logistics firms is actively working on placing all exports and exports in the country on a blockchain. Last month, the company signed an agreement with the Korea Customs Service to build a blockchain-based a customs logistics service.