Samsung works with Dutch on blockchain

Samsung SDS said on Sunday it signed a partnership with two Dutch entities, ABN AMRO and the Port of Rotterdam, to use blockchain technologies for logistics. The IT solutions and logistics arm of Samsung will link its Nexledger blockchain product with ABN AMRO’s Corda platform by February. In doing so, it will verify whether the system is compatible with other blockchain systems.

ABN AMRO’s system is designed mainly for financial transactions.

Blockchain technologies, which allow for the validation of data without central management, will be used for the paperless administration of container financing and logistics, the Samsung SDS pilot project integrating container payments, administration and physical transportation.

At present, the various processes in the handling of containers utilize separate circuits.

“The project came after Europe took note of Korean marine logistics blockchain services,” said Kim Hyung-tae, vice president and general manager of the smart logistics unit at Samsung SDS. “It will help our global blockchain business expand and improve our competitiveness.”

Last year, Samsung SDS led a consortium to conduct tests on blockchain-powered storage in marine transport. The consortium included companies and government bodies.

“The ultimate goal is to reach an open, independent and global platform that operates from the perspective of shippers,” said Daphne de Kluis, ABN AMRO’s CEO of commercial banking. “This will make the logistics chain more transparent and efficient, and millions of euros can be saved in the long term.”

According to the bank, the hope is to create an entirely new industry standard.

“The transportation, monitoring and financing of freight and services should be just as easy as ordering a book online,” said Port of Rotterdam in a release.

The pilot with the Dutch companies starts in January, and the results will be announced in February.

The cooperative network will become open to other parties, according to ABN Amro and Port of Rotterdam.