ABN AMRO, Samsung SDS Partner for Blockchain Trade Pilot

ABN AMRO, one of the largest banks in the Netherlands, has launched a blockchain pilot aimed to bring new efficiencies to container-based international trade.

Using a blockchain system, the partners ultimately intend to move away from the current paper documentation surrounding international container shipments, including payments and administration.

Samsung SDS will assist with the technical side of the initiative, which is expected to see different blockchains operating together.

"This takes place via an overarching 'notary' that connects entirely separate blockchains in Korea and the Netherlands," said Sanghun Lee, president, Samsung SDS. The pilot will be conducted in January 2019, with the results expected to be declared a month later, the companies said.

A number of companies have recently moved to adopt blockchain technology in the supply chain industry.

Last week, a subsidiary of Abu Dhabi Ports partnered with Belgium's Port of Antwerp for a similar pilot aimed to facilitate international trade.

Using blockchain to streamline and automate shipping logistics.

While in February, shipping giant FedEx joined the Blockchain in Transport Alliance to integrate blockchain into its daily operations.

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