Shipping Giants Piloting Blockchain to Improve Efficiency
The Port of Rotterdam in the Netherlands has launched a blockchain-based pilot with some of the world’s leading shipping companies to improve the safety and efficiency of millions of containers that are unloaded in the port every year, according to a release from the port on July 9.
Secure Container Release, the new blockchain application is reportedly to replace the traditional PIN code with a digital signal. According to the port, the current PIN code system requires manual processing which is more liable to error and delays. The new digital solution is said to be less vulnerable to fraud and will make container handling more efficient and safer.
Major shipping giants such as CMA-CGM, Hapag-Lloyd, MSC, ONE-Line, Hutchison Ports ECT Rotterdam, Rotterdam Fruit Wharf, Milestone Fresh, VTO, and Portmade will partner with the application developer T-Mining in a three-month pilot.
Emile Hoogsteden, Director of Commerce of the Port of Rotterdam Authority, added that:
“During this project, the different participants will be using a blockchain application that enables them to safely and efficiently organize the release procedure followed by the various parties in the chain.”
Tokenize the Traditional Shipping PIN
During the pilot project, the pick-up rights for the import of containers will be presented as a blockchain-based digital token instead of a PIN code, says the Port.
The token is a kind of digital baton that passes from one party to the next. Blockchain technology prevents authorization issued by a shipping company from being stolen or copied along the way.
The terminal operator can then rest assured that the container has been released to the correct driver through the unique token. The token is also confidential so it protects details about the chain and blocks commercial relationships from being exposed during the process.
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