Abu Dhabi port uses Blockchain solutions for international trade and logistics

During 2018, Abu Dhabi Port subsidiary Maqta Gateway launched its own Blockchain solution for imports, exports and other logistical commercial purposes within the port. The project which is dubbed ‘silsal-‘ Arabic synonym for chain will enable seamless and efficient processing of cargo as well as paperless documents in real-time while at the same event saving time and improving the overall competence of the port’s ledger system. According to a report by Emirates News Agency, the Blockchain solution will entail a combination distinctive digital users identities and the Blockchain technology to offer a continuous and secured link between traders and stakeholders within the port’s trade community. Blockchain technology is a decentralized technology which functions in the same manner as an open digital ledger. As such users in the chain can securely extract as well as record transactions details in a way that is very seamless and efficient. “Blockchain is a key step in the digitalization of trade,” stated Dr. Noura Al Dhaheri, Maqta Gateway’s acting Chief Executive Officer The conception of this Blockchain solution came as a result of the efforts by the management and stakeholders in the port to breach the gap that there existed between importers and exporters in the market. It was thus developed to reduce paperwork experience, reduce the number of visits and calls from discontented customers, speed up the information exchange rate and also enable the public to access status updates for their transactions easily. Implementation of the project The project will be implemented in phased-basis and the first section to reap the benefits of this decentralized digital leger will be freight forwarding department. After operations in this section have been monitored and concluded to be effective, the project will then be rolled out to the remainder of the port’s trade community. The Blockchain solution will serve as a compliment to the existing mPCS which is currently the port’s community trade system. Benefits Maqta’s port trade community is set to reap many benefits from this particular development. For instance, the overall savings range around 20% of the full transportation cost which amounts to approximately $1 trillion according to the world economic forum report. Additionally, the use of Blockchain will enable users a seamless but secure tracking of documents and cargos in real-time while at the same event easing transportation of the same between and among countries. Source Image

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