A subsidiary of renowned maritime industry developer company Abu Dhabi ports, Maqta Gateway has finally developed and implemented its own blockchain solution which will streamline the international logistics and trade possibilities.
Also called the Silsal which means chain in Arabic this blockchain platform is the first to venture into this field in Abu Dhabi. This blockchain solution would help in ensuring real-time tracking of all the paperless documents. As per the Emirates News agency, this would, in turn, save a lot of time and increase the efficiency of international trade.
This blockchain initiative was developed so that the gap between the exporters and importers can be reduced. In an industry which is not open to digitization and any change this solution helps to reduce manual paperwork and makes all the information exchanges and communication smooth and quick.
In today’s scenario, the international shipping industry is quite prone to disruption. The World Economic Forum has estimated that the entry of this blockchain technology could in future save almost 20% of transportation expenses and in turn cut costs in global trade by up to $1 trillion.
About this new technology Dr. Noura Al Dhaheri, CEO of Maqta Gateway, says “Blockchain is a key step in the digitalization of trade. She further reinforced that: Through Silsal, we will be offering the trade community secure and integrated access to blockchain technology, with the added value of cost and time savings through real-time track and trace, reduction in paperwork and ease in extracting vital information to receive live updates.
It is also expected that this platform would be able to secure all the documents that are required for safe transportation. This would include paperwork like a bill of lading, booking, delivery and the transport orders.
The blockchain platform has been developed by the Digital innovation lab of Maqta Gateway. It was tested with different customers of Abu Dhabi ports just before the launch happened. Initially, it is expected that the platform would be commercially rolled out to the customers and freight forwarders. Later this technology would be given to other people in the trade community. This would be given as a complimentary option along with their Port community system and hopefully would lead to more and more people accepting it.
The deployment of this platform joins the league of similar purposed blockchain applications. These include the ones developed by Europe’s largest port in Rotterdam, Australia’s Brisbane port, Korean shipping industry and World’s biggest shipping firm i.e. Maersk. It is expected to reduce costs, streamline operations and provide the lagging yet a high growth shipping industry with the kind of impetus that it needs desperately at this time.
Blockchain Magnets provides general information about financial products and services that should not be construed as financial advice or recommendations of particular financial products or services. It is advisable to obtain appropriate advice from an appropriately authorised financial planner or investment adviser before making any investment decisions or before purchasing financial products or services. Read more here .