According to information of July 9, the Port of Rotterdam, together with several leading transport companies in the world, launched a pilot program based on a block chain. It aims to improve the safety and efficiency of handling millions of containers that are unloaded in port every year.
A new application based on blockchain
Secure Container Release, a new blockchain-based application is supposed to replace the traditional PIN with a digital signal. According to the information provided by the port itself, the current PIN system requires manual processing, which is more prone to errors and delays. Apparently, the new digital solution is more resistant to fraud and will make container handling more efficient and secure.
The largest forwarding giants such as CMA-CGM, Hapag-Lloyd, MSC, ONE-Line, Hutchison Ports ECT Rotterdam, Rotterdam Fruit Wharf, Milestone Fresh, VTO and Portmade will cooperate with the developer of the T-Mining application in a three-month pilot program.
Emile Hoogsteden, Commercial Director of the Port of Rotterdam, said:
“During this project, individual participants will use a blockchain-based application that will allow them to safely and efficiently organize the container issuing procedure used by different parties in the chain.”
Tokenization of the standard PIN code
“As part of the pilot project, container collection rights will be presented as a digital token based on a block chain, not a PIN.”
– informed the port.
A token is a type of “digital stick” that goes from one party to the transaction to the other. Blockchain technology prevents theft or copying of the authorization issued by the shipping company.
The terminal operator can then be sure that the container has been issued to the right driver thanks to the unique token. The token is also confidential, thanks to which it protects the details of the transaction and does not allow disclosure of business contacts during the process.
On May 28, China’s largest port operator, China Merchants Port, entered into an agreement with the e-commerce giant, Alibaba Group, and its subsidiary, Ant Financial. This agreement aims to develop a platform based on blockchain technology that will have many different applications.
The platform will allow buyers, sellers, logistics companies, banks, customs and tax officials to make contactless digital export and import transactions.