• Mon, 15 Jul 2019, 06:52 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

ABN Amro successfully completes blockchain proof-of-concept for container transport

Mon, 01 Jul 2019, 12:16 pm UTC

Dutch banking giant ABN Amro has announced the successful transport of the first paperless, immediately funded, door-to-door traceable container from South Korea to the Netherlands using the blockchain-based Deliver platform.

The Deliver platform has been jointly developed by Samsung SDS, the Port of Rotterdam Authority and ABN AMRO Bank. According to Finextra, the project partners have been working on the initiative since last October.

In the existing setup, there are separate flows for physical, administrative and financial streams within international freight distribution steams, which leads to inefficiencies.

In its official announcement, ABN Amro said that the blockchain proof-of-concept (PoC) has shown that “an integrated chain management system with paperless integration of physical, administrative and financial flows is now actually feasible.”

“The DELIVER concept stimulates process automation and offers added value to all actors in the supply chain,” it added (via online translation).

The bank said that the PoC has successfully demonstrated that blockchain technology makes interoperability possible and showed that the integration of container traceability systems, the processing of the required freight documents and financing can be carried out completely paperless within a trusted and safe environment.

Building on the successful PoC, AMRO plans to open up the platform to shipping companies around the globe.

“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,” Edwin van Bommel, chief innovation officer at ABN Amro said.

“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."

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,822.30 (+2.58%)
  • Ethereum (ETH) $233.68 (-1.49%)
  • XRP (XRP) $0.318800 (+1.53%)
  • Litecoin (LTC) $92.12 (+2.16%)
  • Bitcoin Cash (BCH) $321.15 (+3.79%)
  • Bitcoin (BTC) $10,822.30 (+2.58%)
Jul 15, 2019 (Monday)
13:14
Crypto Technicals: XRP/USD extends weakness below 200-DMA, on track to test trendline support at 0.28
13:10
Draft of India’s cryptocurrency ban bill surfaces online
11:57
Shinhan Card patents blockchain-based system with credit card functionality
11:12
IOTA, MOBI, SAP, Deutsche Telekom and others join Convergence Alliance focused blockchain, AI, IoT
11:12
Crypto Technicals: LTC/USD pauses downside at 84 handle, bias still bearish
10:28
Crypto Technicals: BTC/USD holds support at 55-EMA (9854), break below will see further weakness
10:15
Enterprise blockchain firm R3 eyes IPO: Report
09:36
Bank of Thailand reviews blockchain applications in multiple areas
08:51
PayFast to stop accepting Bitcoin as payment method due to high fees, slow process time
07:17
U.S. lawmakers seek to prevent big tech companies from offering cryptocurrencies
06:03
Georgia VAT-exempts cryptocurrencies
05:50
Bitpoint Japan finds part of stolen cryptocurrency
05:02
South Korean companies team up to build blockchain-based identification system
Jul 12, 2019 (Friday)
11:40
Litecoin becomes official cryptocurrency of American football team Miami Dolphins
10:48
Crypto Technicals: Ripple breaks below 200-DMA, opens up further downside
10:40
Japanese cryptocurrency exchange Bitpoint loses $32M to hackers
09:40
US Election Commission to approve Congressional candidate's Ethereum token giveaway plans
09:16
HSBC reduces transaction time by 12 Days using Voltron blockchain platform
09:07
Amazon, Deloitte, Fidelity support IDEO CoLab's free blockchain accelerator program
09:05
Turkey considers developing central bank digital currency
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft