Blockchain Field Lab Launched By Europe’s Largest Shipping Port

Blockchain Field Lab Launched By Europe’s Largest Shipping Port

The biggest shipping port in Europe, the Rotterdam authority port in the Netherlands had launched a field lab aimed at exploring the blockchain technology.

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The biggest shipping port in Europe, the Rotterdam authority port in the Netherlands had launched a field lab aimed at exploring the blockchain technology.

The port managers decided to initiate the blockchain field lab as a way to exploring ways they can develop a concrete application and solutions based on the blockchain. The research lab, which is titled block lab, is a project which is jointly launched with a municipality of the Rotterdam to act as financiers of the project.

In a decentralized operation which was powered by blockchain technology, it has been proved multiple parties in shipping industry such as suppliers, port operators, shipper, terminal authorities and the customs can access shipping data while using the interpolable blockchain technology.

The solution was launched by a team of five. The blockchain lab can as well involve participation of the Cambridge innovation center which is an incubator and an innovation hub in the Rotterdam.

In an announcement from port of the Rotterdam revealed the following:

The field lab would allow development of theoretical blockchain ideas. The ideas will be tested to prove concrete opportunities. The opportunities will be assessed in a concrete environment. The developers would cooperate with a consortium of developers as well as users. The blockchain lab will also serve as the knowledge base for regional private sector.

The lab also explores different initiatives beyond the industry. For example, block lab will carry out research on energy transition to citizens in the Rotterdam trade electricity; other companies can trade residual heat in the city over the blockchain platform.

It is necessary because it will create a platform to launching the next technology according to Rotterdam’s assistant mayor for economic affairs by the name Maarten.

Rotterdam’s initiative is among the many port authorities which are exploring the capabilities of the blockchain technology. For instance, in South Korea, the Samsung SDS which is the IT technology subsidiary of Samsung had launched a blockchain consortium which including the Korean customs service and the Koreas ministry of the oceans and the fisheries. The consortium successfully launched a platform which relies on blockchains to process shipping data from sought Korea to China. The platform allows processing of data based on the latest technology.

Maersk line which is the largest ocean container shipper has partnered with IBM to creating supply chain in the freight forwarders, port operators, and ocean carriers. IBM has estimated that over $38 billion can be saved per year while utilizing the technology. The project aims to put more than 10 million containers in the blockchain technology out of 70 million shipped annually.

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