Banks and other financial institutions are smitten by blockchain and its potential. Numerous options are currently being explored around the world. ABN Amro is in the process of trialing a container logistics project. This is conducted with the help of Port of Rotterdam and Samsung SDS.

There are many ways blockchains can transform daily aspects of life. These ledgers are designed to store and transmit information to a global network. The data being stored on it, can differ from company to company. Maintaining container logistics on the blockchain is one option being explored. ABN Amro sees some merit in this particular model at this time.

Another Intriguing Blockchain Trial

The current objective is to make transportation, monitoring, and finance of freight as efficient as possible. Streamlining this process can offer advantages to all parties involved. If successful, the blockchain will make this process as simple as ordering items off Amazon. A very different approach will be required to unlock this project’s full potential in the future.

Samsung SDS President Sanghun Lee adds :

“Blockchain offers all parties in the logistics chain the opportunity to coordinate activities using validated data and without central management. Digitization provides automation, which creates an ultra-efficient logistics chain. What is particularly special about the project is that, for the first time in the rather short history of this technology, we can have different blockchains operating together. This takes place via an overarching ‘notary’ that connects entirely separate blockchains in Korea and the Netherlands.”

In its current form, the blockchain will power a multi-modal transport of a container from Asia tot he Netherlands. Three parties will implement and monitor this blockchain pilot during its process. If successful the network will become open to other interested parties to join. It is expected the trial will commence in January of 2019.

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JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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