Maqta Gateway, a subsidiary of the logistics giant Abu Dhabi Ports has announced the launch of a blockchain platform, designed to improve the efficiency of international trade and shipping. The company became the first entity in Abu Dhabi to develop and release a domestic blockchain solution, which is a significant achievement on its own.
The system is named ‘Silsal’, which stands for ‘chain’ in Arabic. It will significantly optimize the sector by introducing paperless documents and reducing the need for calls and physical visits. Additionally, Silsal eases the exchange of information by making it a lot faster and also offering a real-time cargo tracker.
Commenting on the development, Dr. Noura Al Dhaheri, CEO of Maqta Gateway, said 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.”
She also went on to add that, “Not only have we introduced our own blockchain offering, but we have also invented our own form of digital identity. This will eliminate the need for access through passwords, which can often be a security risk.”
Some of the main customers of Abu Dhabi Ports have already tested the platform prior to its launch and the technology will initially be offered to freight forwarders and their customers. Gradually, it will be introduced to the broader trade community as an additional tool in the Maqta’s Port Community System. The company is hopeful that such move will help to accelerate the adoption of Silsai.
Essential transport documents, such as the bill of lading or booking, delivery and transport orders will be encrypted and secured using the distributed ledger platform as well.
The logistics and shipping sector has been one of the most blockchain-savvy industries as similar solutions have already been adopted in numerous ports globally, including Rotterdam, Brisbane, and Antwerp as well as world’s largest shipping company Maersk.
The distributed ledger technology has already helped to smoothen transactions and save valuable time in transcontinental trades. The World Economic Forum has recently claimed that shipping is the industry, which could be hugely impacted by further blockchain implementation. An estimated $1 trillion of total transportation expenses in global trade could be cut, according to the research.
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