The Port of Rotterdam Launches Blockchain Pilot To Improve Efficiency
The Port of Rotterdam Launches Blockchain Pilot To Improve Efficiency
July 13, 2020
The Port of Rotterdam Launches Blockchain Pilot To Improve Efficiency
The Port of Rotterdam Launches Blockchain Pilot To Improve Efficiency
July 13, 2020

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. 

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.

ALSO READ :  COVID-19 Market Crash Reduces The Risk Of A Halving Price Dump

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.

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.

ALSO READ :  Nakamoto Terminal Wins The CFTC’s "Project Streetlamp" Competition

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


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.