Supply chain networks are the keystones of global trade, as well as being one of the largest industries in the world, transporting around 90% of global trade per year and with an annual valuation of over 12 trillion dollars. Yet there remain many inefficiencies in today’s supply chain infrastructure: dated and unnecessarily labour intensive paper-to-machine-to-paper form processing, inefficient resource allocation, as well as a lack of financial transparency and trust.
Blockchain technology has the potential to quietly revolutionize this key global infrastructure by creating solutions for supply chain finance, order and asset tracking, process automation, and trustless conflict resolution and mitigation. Novel blockchain-backed hybrid systems have the potential to resolve many (if not all) of these issues, allowing for increased coordination at scale across increasingly complex multi-party transactions.
The Port of Rotterdam, as well as being the largest port in Western Europe – with a freight throughput of 469.4 million tonnes in 2019 – has received awards for its innovative infrastructure for the last 6 years in a row, and is recognized as the world’s ‘smartest’ port.
BlockLab – as a subsidiary of the Port of Rotterdam – is thus perfectly placed to create these technologies, being situated alongside the perfect sandbox within which to field test projects in real-world situations for both the port and selected supply chain partners. We have active projects and collaborative research initiatives with multiple parties including the Maritime and Port Authority of Singapore, the Rotterdam University of Applied Sciences, ABN-AMRO, Samsung SDS, and Deloitte.