The subsidiary of Abu Dhabi Ports, Maqta Gateway LLC recently unveiled its first blockchain international trade solution at the GITEX Technology Week. The subsidiary company is pilot testing this blockchain project in collaboration with Belgium’s Port of Antwerp.
The solution is a part of the “Silsal” project which is considered to be the first of its kind blockchain-based solution developed locally by a local body in Abu Dhabi. In that sense, this announcement by the Abu Dhabi port is nothing short of a milestone achievement. The “Silsal” innovation solution offers a secure and seamless link between the stakeholders who are a part of the trade community that uses an electronic ledger system.
Port of Antwerp and the Maqta Gateway intend to test this advanced blockchain-powered project, exchange their experiences and promote innovative collaboration. Accordingly, the two establishments have signed a Memorandum of Understanding (MOU). The project is a sort of latest test for the Silsal project and is expected to play a major role in providing support to the companies that are involved in conducting trade transactions between Belgium and UAE.
The blockchain-based international trade solution will provide full visibility of cargo and streamline the supply chains and trade flows reported Hellenic Shipping News. As per the source, the pilot project will be testing the technology capabilities for exchanging, identifying and acknowledging the cargo certificates and documents between the Port of Antwerp and Abu Dhabi Ports.
While discussing details about the first Silsal international project, CEO of Abu Dhabi Ports, Captain Mohammed Juma Al Shamisi stated, “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.”
The CEO of Maqta Gateway, Dr. Noura Al Dhaheri explained the blockchain international trade solution in detail by saying that they realized very early that blockchain technology can offer things that are necessary for reliability and integrity in the ever-growing complex global supply chain, reported Middle East Logistics.
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