The Largest Port of Europe in Rotterdam Will Test A Blockchain-Run Energy Trading Platform
The Port of Rotterdam, also known as the largest ferry port in Europe, is catching with the latest trends as it is readying a new blockchain-based energy trading platform. According to The Next Web’s Hard Fork, which has reported on this story, the project is basically complete already and testing will be finally started in the coming months.
Around 18 months ago, the Port of Rotterdam decided to set up BlockLab, a blockchain development group which was tasked with creating solutions that could leverage the blockchain technology in order to make the port work better. As soon as this group was started out, they announced the start of the blockchain-based energy trading project.
BlockLab has been working on the creation of an energy trading platform in a partnership with S&P Global Plats, a commodities and energy information provider. The main goal of the upcoming platform would be to help in the coordination of the supply and demand in the organizations that work within the port.
With the help of the project, companies will have the opportunity to choose different energy suppliers. They will have information on their current availability and costs during many hours of the day and they will be able to make the most informed choices.
In order to automate the whole process even more and make it easier for everybody involved, smart contracts will be widely used. The company is interested in automating as much as possible, as it would reduce the cost of labor and make it more effective.
Efficiency Goes Beyond the Blockchain Technology
It is important to notice that BlockLab understands that the blockchain technology is not some miraculous panacea. The company is currently working to make the whole port more efficient, but they know that only using blockchain does not solve all the problems.
According to Aljosja Beije, the logistics lead of the lab, many solutions can be made without the blockchain technology, but the truth is that the blockchain can solve trust problems in a very efficient manner, which is basically why it is so often used for logistics in shipping companies and ports.
Shipping may be the most real use case for the technology and companies from the whole world are using it, so ignoring the technology is a mistake.
For instance, the Commonwealth Bank of Australia has tracked 17,000 kilogram of almonds around the world using the blockchain. Another great example is the shipping company Zim, based in Israel, which used electronic bills of lading to help clients.