Abu Dhabi Ports has launched a new blockchain platform to be used by the trade community.
Maqta Gateway, an Abu Dhabi Ports subsidiary, is the first Abu Dhabi entity to develop and launch its own blockchain technology - Silsal.
Silsal will combine blockchain technology and unique digital user identities to provide a seamless and secure link between stakeholders across the trade community.
The technology has been developed 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.
Initially, the technology will be offered to freight forwarders and their customers, and subsequently extended to the rest of the trade community as a complementary tool to the existing mPCS (Maqta’s Port Community System).
As the shipping and logistics industry rapidly adopts new technologies, blockchain can offer trade community members significant benefits. According to the World Economic Forum, potential savings range from 20% of the total physical transportation costs, amounting to $1trn addition to global trade.
Abu Dhabi ports said that, In addition, the use of blockchain in the shipping and trade industry will enable real-time tracking of its cargo and documents, time savings and smoothening of shipments between countries and continents.
This project was developed internally in the Digital Innovation Lab and has been field tested with Abu Dhabi Ports’ strategic customers.
Captain Mohamed Juma Al Shamisi, CEO Abu Dhabi Ports, commented on the occasion, saying: “At Abu Dhabi Ports we strive to invest in cutting-edge technological innovations that not only bring immense benefits to the trade community but also play a role in the transformation of the UAE to a knowledge-based, competitive economy.
“This achievement will help to further augment Abu Dhabi’s position as a centre for innovation in logistics and trade.”
Dr. Noura Al Dhaheri, CEO of Maqta Gateway, said: “Technology is a crucial driver for the future of the shipping, logistics and trade industry and blockchain is a key step in the digitalisation of trade.
“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.”
“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.”
As a result of the in-house developed digital identity, Maqta Gateway will be able to encrypt all transport documentation, including but not limited to the Bill of Lading, Delivery Oder, Booking and Transport Orders, etc., improving the communication flow and the efficiency of the physical movement of the goods, through a transparent, secure and easy to use process.