ABN Amro announces Blockchain powered Container Logistics Pilot

ABN Amro recently announced that it has successfully completed the transportation (door-to-door) of a container with the help of the blockchain technology powered platform, Finextra reported first.

According to the announcement, the starting point of the transportation was from a factory located in Korea. The concluding point was the country of the Netherlands located in the North-western European region. The transport occurred on Blockchain-based platform named DELIVER.

Executive Opinion

Chief innovation officer at ABN Amro, Edwin van Bommel says: “We are strongly committed to help our clients in their process to fully automate their trade flows. All parties involved in the trade flow will benefit from more effective controls, greater efficiency, transparency and traceability.”

Van Bommell further continues, "With these pilots we will be integrating all the supply chain flows: from workflow management combined with track & trace to the digitisation of paper documentation such as waybills and the financing of handled freight or services. The ultimate objective is to reach an open, independent and global platform that operates from the perspective of shippers."

Blockchain powered Container Logistics Pilot

Blockchain technology offers an immutable "single point of truth" to all participants without central management.

October 2018, last year, ABN Amro collaborated with The Port of Rotterdam Authority and Samsung SDS to launch container logistic blockchain pilot. The aim was to use the blockchain technology-based platform for paperless administration of international finance and logistics surrounding container transport.

Presently, the physical, administrative and financial streams which fall under international freight distribution steam are all carried out in separate flows. As an outcome of current Proof of Concept by the Dutch Bank, complete, paperless integration of physical, administrative and financial streams is now feasible in supply chain management ecosystem.