A subordinate of Abu Dhabi Ports has collaborated with Belgium’s Port of Antwerp for a blockchain pilot focused to enable international trade. The proof-of-concept (PoC) trial will be led by Maqta Gateway using its own blockchain platform, Silsal, which was propelled in June to address disorganizations in the shipping industry and better connect importers and exporters.
Silsal, the name of the project, uses an electronic blockchain ledger system to deliver complete cargo discernibility and rationalize trade flows and supply chains. If tested positively, the Silsal project expects to mechanize the exchange, documentation, and salutation of cargo forms among Abu Dhabi ports and Belgium’s Port of Antwerp. Every investor acts as a node of a blockchain network who gets to the right of entry and recognize the real-time supply chain of the shipped items.
According to a press release, the trial is predictable to assist the corporations to handle trade certification between the United Arab Emirates and Belgium, “offering full cargo visibility and streamlining trade flows and supply chains.”
The use of blockchain to pioneer ancient observation and record-keeping systems expects to boost the prices, time, and integrity of the international trades. An identical follow is already happening across the provision chains of alternative industries, notably in commodities. Shipping firms like FedEx have conjointly joined the blockchain bandwagon by lining up their non-public offer chain initiatives.
As part of the pilot project, Maqta Gateway will use Silsal to run a Proof of Concept test with the Port of Antwerp for the handling of international trade documentation using blockchain technology. 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. Dr. Noura Al Dhaheri, corporate executive of Maqta entryway, a subsidiary of United Arab Emirates’s capital Ports, explained the potential of their project whereas speaking at GITEX Technology Week.
“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.”
Abu Dhabi Port’s latest participation in the annual GITEX Technology Week comes at a time when the port operator is strengthening its relationship with institutions that can support Abu Dhabi’s digital transformation. 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 innovation projects, technologies and knowledge transfer. As part of the partnership, both entities will exchange expertise and partner for joint innovation projects to develop and apply technologies in the areas of digital and mobile payments, blockchain and distributed ledgers, flexible platforms, among others.
Abu Dhabi Ports is furthermore creating additional covert DLT comes during an enterprise with United Arab Emirates’s capital world Market, the International monetary Centre in United Arab Emirates’s capital. The area aims to become a digitally remodeled space within the next 5 years by emerging solutions on the maximum of ground-breaking technologies that, additionally to the blockchain, symbolize AI and IoT.