The companies, who are working with Dutch bank ABN Amro, say the ultimate goal is ‘a complete, paperless integration of physical, administrative and financial streams within international distribution chains. ‘The transportation, monitoring and financing of freight and services should be just as easy as ordering a book online.’

The pilot involves the multi-modal transport of a container from a factory in Korea to a location in the Netherlands. In the first instance, the pilot will be implemented by the three parties, but the cooperative network will then become open for other parties to join.

‘Blockchain offers all parties in the logistics chain the opportunity to coordinate activities using validated data and without central management,’ said Sanghun Lee, President of Samsung SDS EU/CIS (pictured). Digitisation provides automation, which creates an ultra-efficient logistics chain. What is particularly special about the project is that, for the first time in the rather short history of this technology, we can have different blockchains operating together. This takes place via an overarching ‘notary’ that connects entirely separate blockchains in Korea and the Netherlands.’

The pilot starts in January next year, and the results will be announced in February 2019. The programme will be unveiled in full at the Supply Chain Finance Community Forum in Amsterdam on 29th November.