Two more Blockchain Based Ports-Nvest Weekly previously reported that a port in Spain was all set to be built on Blockchain technology. Similarly, New additions are now being added to the ‘Blockchain-Based Ports’ list. Which makes blockchain enthusiasts around the world very happy to hear.
Maqta Gateway is a subsidiary of Abu Dhabi Ports. This port has its own blockchain platform, ‘Silsal’, which was launched in June this year, to address inefficiencies in the shipping industry and to better connect importers and exporters. Likewise, A Proof-of-Concept (PoC) trial will be conducted on this platform.
The trial is expected to help companies handle trade documentation between the United Arab Emirates and Belgium. As well as to provide full cargo visibility, streamlining trade flows and supply chains.
As part of a ‘Memorandum of Understanding’ signed between Maqta Gateway and the Port of Antwerp to exchange experiences and promote collaborative innovation. Similarly, the two parties will test this advanced project. The latest test of the Silsal project will play a vital role in supporting companies to conduct trade transactions between the UAE and Belgium. And providing full cargo visibility and streamlining trade flows and supply chains. Furthermore, the pilot project will test the capabilities of the technology to exchange, identify and acknowledge cargo documents and certificates between Abu Dhabi Ports and the Port of Antwerp.
Commenting on Silsal’s first international project, Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, said: “This is an important moment for us as we prepare to implement the first applied blockchain solution of its kind between Abu Dhabi and the world. Our technology experts at Maqta Gateway are working with world-class international partners. Such as the Port of Antwerp, to deliver fast, reliable, and secure trade transactions through rigorous development and testing programs.”
Dr. Noura Al Dhaheri, CEO of Maqta Gateway, explained the system further by saying: “We realized early on that blockchain technology can provide the very things necessary for reliability and integrity in the increasingly complex global supply chain. Silsal’s first international step today, working with the Port of Antwerp, is a manifestation of Abu Dhabi. Ports’ commitment to secure Abu Dhabi’s global standing as a premier logistics, transport, and trade hub, and support the Abu Dhabi Economic Vision 2030.” (source: Maqta Gateway press release)
Two more Blockchain Based Ports-The project is expected to be completed by Q4 of 2018. It is intended to research how to best scale up blockchain frameworks in world exchange. And in addition, give exchange security and lower costs of integration.
This move is a significant one because it has the capacity to illustrate to the world. About the global logistics possible by giving importance to Blockchain technology. Hence, Global delivery giant FedEx has joined hands with Consortium Blockchain network. In order to adapt and develop blockchain into its processes.
Not only that, as per the World Economic Forum report, Blockchain and Distributed Ledger Technologies are expected to cross $1 Trillion over new trades in the upcoming decade.
Maqta Gateway will use Silsal to run a Proof of Concept test. The Port of Antwerp is included for the handling of international trade documentation using Blockchain technology. Furthermore, the two sides have already established and agreed on the technical specifications of the test. Which will be achieved in the fourth quarter of 2018.
In September, Maqta Gateway signed a Memorandum of understanding (MoU) with Abu Dhabi Global Market. The International Financial Centre in Abu Dhabi, to collaborate on technologies and knowledge transfer for new innovation projects. Abu Dhabi Ports seem to be focused on contributing to the digital transformation of Abu Dhabi as a whole. Which was evidenced by the company’s latest participation in the annual GITEX Technology Week.