‘DELIVER’ Blockchain Platform Successfully Monitors Shipment from South Korea to Rotterdam
The project, according to the The Maritime Executive, was a success thanks to the proof-of-concept jointly overseen by Samsung SDS, ABN AMRO, a Dutch bank, and the Port of Rotterdam.
The Maritime Executive reported that the container, shipped from South Korea, was tracked from when it set sail all the way to its arrival, everything done via “DELIVER.” For the three companies involved in its tracking, the shipment’s arrival marked a milestone and indeed proved that goods could easily be tracked via Blockchain.
DELIVER Could be the Key to all Inefficiencies in the Traditional Shipping Pathway
The Port of Rotterdam CFO, Paul Smits, speaking after the container’s arrival, spoke about the inefficiencies that bedevil the traditional shipping process. According to him, shipping the conventional way isn’t just paper-heavy, but also inefficient, thanks to what he listed as currency payments, administration and the many parties involved.
Shipping still happens predominantly through separate circuits, and this, according to the Port’s CFO, is the genesis of all inefficiencies. He further revealed that it is the average 28 parties involved from when a container leaves China to its arrival in Rotterdam that hamper the whole process.
But DELIVER has unequivocally showed that Blockchain has the ability to eliminate all the lags hampering the chain. The platform, co-developed by the three firms, is built on Ethereum Blockchain and is mainly based on Hyperledgerapplications, according to TokenPost.
One of the perks brought by the platform is document notarization. This practical benefit, alongside the fact that DELIVER eliminates double payment while enhancing asset transference, is immensely great for the shipping industry.
With this first Blockchain-based container tracking over, the companies behind it have already signed an agreement that would enable them do other pilot tests on the platform. The three, according to the Port of Rotterdam, intend to launch an independent global shipping platform.