ABN AMRO, Samsung SDS Partner for Blockchain Trade Pilot

ABN AMRO has partnered with Samsung SDS and the Port of Rotterdam for a blockchain pilot aimed to bring new efficiencies to container-based trade.

AccessTimeIconOct 22, 2018 at 8:00 p.m. UTC
Updated Sep 13, 2021 at 8:30 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

ABN AMRO, one of the largest banks in the Netherlands, has launched a blockchain pilot aimed to bring new efficiencies to container-based international trade.

For the project, the bank has partnered with Samsung SDS, the logistics and IT arm of consumer tech giant Samsung, and the Port of Rotterdam, according to a press release dated Oct. 19.

Using a blockchain system, the partners ultimately intend to move away from the current paper documentation surrounding international container shipments, including payments and administration.

"An average 28 parties are involved in container transport from China to Rotterdam. The transportation, monitoring and financing of freight and services should be just as easy as ordering a book online," said Paul Smits, chief financial officer for the Port of Rotterdam Authority, in a separate release.

Daphne de Kluis, CEO of Commercial Banking at ABN AMRO, added that the ultimate goal is to launch a platform that will "make the logistics chain more transparent and efficient, and millions of euros can be saved in the long term."

Samsung SDS will assist with the technical side of the initiative, which is expected to see different blockchains operating together.

"This takes place via an overarching 'notary' that connects entirely separate blockchains in Korea and the Netherlands," said Sanghun Lee, president, Samsung SDS.

The pilot will be conducted in January 2019, with the results expected to be declared a month later, the companies said.

A number of companies have recently moved to adopt blockchain technology in the supply chain industry. Last week, a subsidiary of Abu Dhabi Ports partnered with Belgium's Port of Antwerp for a similar pilot aimed to facilitate international trade.

Accenture Global Solutions has also been considering using blockchain to streamline and automate shipping logistics. While in February, shipping giant FedEx joined the Blockchain in Transport Alliance (BiTA) to integrate blockchain into its daily operations.

Containers in port image via Shutterstock 

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.