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ABN Amro in blockchain pilot

ABN Amro has launched a blockchain pilot aimed to bring new efficiencies to container-based international trade. The bank has partnered with Samsung SDS, the logistics and IT arm of Samsung, and the Port of Rotterdam. Using a blockchain system, the partners ultimately intend to move away from the current paper documentation surrounding international container shipments, including payments and administration. It is estimated that an average 28 parties are involved in container transport from China to Rotterdam and the transportation, monitoring and financing of freight and services should be just as easy as ordering a book online, according to Paul Smits, CFO for the Port of Rotterdam Authority. Daphne de Kluis, CEO of Commercial Banking at ABN Amor, said the ultimate goal is to launch a platform that will make the logistics chain more transparent and efficient, and millions of euros can be saved in the long term. Samsung SDS will assist with the technical side of the initiative, which is expected to see different blockchains operating together.

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