Europe’s largest port becomes the third in the region to start testing distributed ledger technology.
The Port of Rotterdam says it will conduct a month-long trial of blockchain aimed at container logistics.
The Port of Rotterdam Authority, which operates the largest port in Europe, says the blockchain pilot project will include Netherlands-based bank ABM Amro (Euronext: ABN.A) and the enterprise technology arm of Korea’s Samsung (LSE: SMSN).
The project’s goal is “a complete, paperless integration of physical, administrative and financial streams within international distribution chains,” the Port of Rotterdam said in a statement. It said transporting a container can involve up to 28 parties which have to trade paper documentation to move a container.
“Currently payments, administration and the physical transportation of containers still take place entirely via separate circuits,” said Paul Smits, the Port of Rotterdam Authority’s chief financial officer. ‘This results in inefficiency as many parties are involved and everything is organised via paper documentation.”
BlockLab, a local start-up funded by the Port and the City of Rotterdam, will be developing the project.