ABN Amro, Samsung SDS and Port of Rotterdam are collaborating to launch supply chain logistics pilot. Blockchain has the potential of bringing a revolutionary change and efficiency in the banking sector and ABN Amro has understood this perfectly. That is why, the bank is showing so much attention to this technology by investing time, energy, and money into it.
The bank is reassessing all the areas of businesses and investigating where blockchain technology can help it to improve. For that, ABN Amro is defining how much the company’s in-house staff and experts know about it and improve their knowledge about this innovative technology by working with other banks, blockchain companies and partners in the business. Together all these groups are trying to discover how blockchain can make an impact on the financial world.
At present, the physical, financial, and administrative streams within the space of international freight distribution are executed in separate flows. According to Paul Smits, the Port of Rotterdam Authority’s CFO the partners want to make monitoring, transportation, and freight financing and services simple similar to order a book through an online site.
That is why the partners are trying out the potential of blockchain-based supply chain logistics pilot involving a container’s multi-modal transport from an Asian factory to the Netherlands. All the three partners will implement the pilot which will also become open to the cooperative network that will join it, Finextrareported. It will begin in January next year and the results will be announced in February 2019.
According to the ABN Amro CEO Commercial Banking, Daphne de Kluis said, “We will be integrating all these flows in our pilot: from workflow management combined with track & trace to the digitization of paper documentation such as waybills and the financing of handled freight or services.” He further added that the ultimate goal of the partners is to reach an independent, open, and global platform operating from the shippers’ perspective, Port News reported.
Blockchain has immense potential and its use in the supply chain logistics pilot is just one application of many that industries can make use of. According to ABN AMRO, along with the banking world, the entire people in the finance sector including estate agents, insurers, and civil-law notaries and more need to change their perspective to gain benefits from this technology.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]