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Blockchain Technology Solutions For Cross Border Trade Makes Way To Saudi Economy

TradeLens is one of the most used blockchain technology solutions of the year 2018 which has been integrated by several shipping companies to organize their supply chain management. The latest addition in the clientele of this widely used software in Saudi Arabia. The customs officials of Saudi have begun integrating blockchain-based shipping solution TradeLens with their in-house customs tracking platform Fasah. This pilot project has already taken off and in fact, it has also roped in IT partner Tabadul which will monitor and provide technical support.

TradeLens is developed by tech giant IBM and Danish transport and logistics giant Maersk which has received wonderful reviews and feedbacks from the supply chain industry at a global level. On the other hand, Fasah is a government operated platform which facilitates cross-border trade for private and government entities.

The blockchain technology solution linking TradeLens with Fasah will initially be offered for selected services. This has been done in order to maintain the features which include compliance, traceability, auditability, immutability and compact reconciliation. This esteemed initiative is a part of Saudi Arabia’s Vision 2030 that has set prestigious goals for the economy of Saudi Arabia, as mentioned by RTT News.

The partnership between IBM and Maersk was announced back in January last year and they came out with Tradelends in August. In a merely short span of six months, this blockchain collaboration attained huge success and wide acceptance in the international market. Saudi Customs is a part of TradeLens platform which has over 90 organizations worldwide, about 20 port and terminal operators and 234 marine gateways on five continents.

Saudi Arabia And Their Blockchain Approach

According to Blokt, The Capital Market Authority of Saudi Arabia has already approved the fintech licenses. The investors now will be able to access platforms for funding both small enterprises and mid-sized companies. Also, the banks of Saudi have begun relying on FinTech which came out in the form of an agreement between the banking regulator and Ripple. This deal will facilitate to settle payments of the commercial banks with the help of blockchain technology solutions.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Neha graduated in Electronic Media and has worked with Times group for 3 years with an overall experience of 6 years. She is passionate about learning languages and is a certified French Language Expert and IELTS Trainer. Neha writes breaking cryptocurrency news stories for OWLT Market.

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