- Samsung plans to build a shipping and logistics business based on distributed ledger technology.
- ABN AMRO and Samsung will link their blockchain platform to make transactions simpler.
- This project is expected to improve Europe and South Korea’s business relationship.
Samsung has just announced their plans to build a shipping and logistics business based on distributed ledger technology. The South Korean multinational technology giant will be partnering with the Dutch bank, ABN AMRO, as well as the Rotterdam Port Authority for the project.
Making transactions simpler
According to reports, Samsung will be linking their Nexledger blockchain platform with ABN AMRO’s Corda. These companies plan to make transactions simpler through the use of the Rotterdam port. The transactions will include confirmation of receipt, payment, as well as real-time sharing of documents.
The venture is set to be completed by February 2019. It will also verify the compatibility between Samsung and ABN AMRO company’s blockchain platforms. ABN AMRO was built by the R3 consortium and they specialize in financial transactions. The R3 consortium is an enterprise blockchain software firm. They partner with over 200 members and partners across different industries from both the public and private sectors.
Nexledger, Samsung’s distributed ledger platform, was particularly designed for established enterprises. Last year it was tested in the logistics field by a marine logistics’ consortium project. This test has included the involvement of thirty-eight entities, which includes research and government institutes.
Tying together the markets of Europe and Korea
The logistics division’s vice president at Samsung SDS, Kim Hyung-tae, considers the pilot project as an opportunity for the business relationship between Europe and South Korea. He also sees this as another step for the growth of blockchain industry. Kim said:
“We have been very interested in the case of logistics blockchain in Korea and Europe which has led to this project. It will be an opportunity to increase the competitiveness of the logistics business and expand the blockchain business globally.”
This new project is intended to study the movement of administration, payments, and the physical transportation of the containers. It aims to develop a purposeful and effective platform for the shipping industry. This report is according to the chief executive of Commercial Banking at ABN AMRO, Daphne de Kluis, who 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. 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.”
Samsung, ABN AMRO, and Rotterdam Port Authority are all participating in the project plan with the goal of commercializing the blockchain for the freight transportation industry around the globe.