Sunday, 31 May 2020

Abu Dhabi Ports Launches Blockchain System

Maqta Gateway, an Abu Dhabi Ports subsidiary, has developed a blockchain system to link exporters and importers. The technology called Silsal is a first for Abu Dhabi.

Blockchain technology acts as an open digital ledger that can be used by trade actors to record and extract details regarding transactions with greater security, transparency and efficiency.

Silsal was conceived to address the gap in the market for exporters and importers, to provide easy and public access to transaction status updates, reduce the need for paperwork, calls and physical visits as well as to speed up information exchange overall. Maqta Gateway will be able to encrypt all transport documentation, including the Bill of Lading, Delivery Oder, Booking and Transport Orders.

The project was developed internally in the Digital Innovation Lab without external partners, and has been field tested with customers of Abu Dhabi Ports. Initially, the technology will be offered to freight forwarders and their customers. It will subsequently extended to the rest of the trade community as a complementary tool to the existing Maqta’s Port Community System.

According to the World Economic Forum, potential savings from blockchain technologies range from 20 percent of the total physical transportation costs, amounting to $1 trillion addition to global trade. For shipping, the system offers real-time cargo and document tracking.

The system joins a growing number of blockchain applications including systems developed by Maersk, the Port of Brisbane, the Port of Antwerp and the Port of Rotterdam.

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