The port of Antwerp is running a blockchain-based pilot project with a limited number of parties, which aims to make container handling more efficient and secure.
The transportation of containers involves over 30 different parties (carriers, terminals, forwarders, hauliers, drivers, shippers etc.) with an average of 200 interactions between them. As these communications are currently carried out via email, phone, and fax, paperwork accounts for up to half of the transport cost.
Antwerp-based startup T-Mining has developed a solution for a recognised problem in the port. Currently, container handling process involves the use of a PIN code that ensures that the right person picks up the right container. However, as the PIN code is transmitted via several parties, there exists a risk as somebody with bad intentions can simply copy the code and cause problems.
“With our blockchain platform the right truck driver is given clearance to collect a particular container, without any possibility of the process being intercepted. Furthermore our blockchain platform uses a distributed network, so that the transaction can go ahead only if there is consensus among all participating parties, thus excluding any attempts at fraud or undesired manipulations”, said Nico Wauters, CEO of T-Mining.
By digitizing the process, the blockchain solution overcomes these issues, permitting safer and faster transfer of valuable objects, without a middleman. Wauters added that they are currently testing whether the solution works smoothly in practice.
“Together with PSA, MSC, a forwarder and a transporter, we ensure secure handling of the first containers on our blockchain platform,” Wauters added.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
