The Port of Rotterdam, the Netherlands-based shipping giant, has launched a blockchain 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.
On July 9, it has been reported that the new blockchain application Secure Container Release 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, as the new digital solution is said to be less vulnerable to fraud and will make container handling more efficient and safer.
This week, various parties in Rotterdam will be launching a new pilot project, in which containers are handled and released without a PIN code: a widely used verification method in this transport segment. Read more: https://t.co/cKnKkxBn7H #digitisation #innovation #blockchain pic.twitter.com/vFbr1Mz6yg — Port of Rotterdam (@PortOfRotterdam) July 9, 2020
However, 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, the Director of Commerce of the Port of Rotterdam Authority, said:
“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.”
The Port further stated that 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.
Shipping industry is working on using blockchain technology to improve efficiency in its operations. According to an announcement by the Rotterdam port on July 9, the port of Rotterdam in the Netherlands alongside with global shipping giants pic.twitter.com/5XrIn5J5tS — The Core Administration (@TheCoreAdmin) July 12, 2020
Moreover, 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.
As per the report, the terminal operator can rest assured that the container has been released to the correct driver through the unique token.
Thus, the token is also confidential so it protects details about the chain and blocks commercial relationships from being exposed during the process.
Source: Cointelegraph | Image: Claims Journal