Europe’s Largest Sea Port Launches Blockchain Research Lab
By Josiah Wilmoth
The Dutch port of Rotterdam has announced the creation of a blockchain research lab to explore ways to streamline supply chain logistics and increase energy efficiency, along with addressing other problems facing the European shipping industry.
Rotterdam Launches Blockchain Research Lab
The project, dubbed BlockLab, is the result of a partnership between the Port of Rotterdam Authority and the Municipality of Rotterdam. Notably, the project will focus on practical applications of the blockchain, one of cryptocurrency’s underlying technologies.
First introduced by Bitcoin, the blockchain is a database that is distributed across a multisite network and updates efficiently and automatically across all computers connected to the network. Significantly, the blockchain eliminates the need for a central authority to verify the data on the network, increasing efficiency and reducing errors.
Noting that many major companies and organizations have begun to research commercial applications of blockchain technology but most have not yet been implemented on a large scale, Rotterdam deputy mayor Maarten Struijvenberg said he hopes BlockLab will produce solutions to help “launch the next economy.”