Samsung SDS forges blockchain alliance with Dutch bank and port

By Park Sae-jin Posted : October 22, 2018, 11:22 Updated : October 22, 2018, 11:22

[Courtesy ABN AMRO]


SEOUL -- Samsung SDS, an information technology wing of South Korea's Samsung group, will team up with ABN AMRO, a Dutch bank, to establish a digitized data platform for the logistics network of Rotterdam, the largest port in Europe, by using blockchain technology.

The blockchain is a decentralized service which shares replicated and synchronized data geographically spread across multiple servers operated by countries or organizations. Each virtual ledger works as a verification tool, making it almost impossible to hack or manipulate.

Samsung SDS will connect its blockchain platform, Nexledger, to Corda, the Dutch bank's decentralized network, by February next year. When the two networks are interlinked, an efficient logistics chain with an ability to provide validated data in real time to businesses and related organizations.

"The pilot will seek to use blockchain technology to build a platform for efficient and paperless administration processes for the international finance and logistics surrounding container transport," ABN AMRO said in a statement.

"The ultimate goal is to reach an open, independent and global platform that operates from the perspective of shippers," ABN AMRO's Commercial Banking CEO Daphne de Kluis was quoted as saying.

In September, the Korea Customs Service (KCS) selected Samsung SDS as the main developer of a blockchain-based logistics platform to simplify customs clearance and prevent document forgery. By using Nexledger, all documents created during the customs process will be stored in virtual ledgers.
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