Maqta Gateway, an Abu Dhabi Ports subsidiary, has claimed that it is the first Abu Dhabi entity to develop and launch its own blockchain technology for imports and exports.
Its ‘Silsal’ system will combine blockchain technology and unique digital user identities to provide a provide public access to transaction status updates, reduce the need for paperwork, calls and physical visits as well as to speed up information exchange.
The Maqta Gateway, inaugurated in October 2017, is a project that is set to connect Abu Dhabi’s trade customers to services, processes and information through a unified interface.
Blockchain technology will support Silsal as an open digital ledger for trade actors to record and extract details regarding transactions with greater security, transparency and efficiency.
Maqta Gateway will offer Silsal to freight forwarders and their customers before extending it to the rest of the trade community as a complementary tool to Maqta’s Port Community System (mPCS).
It has claimed that Silsal will be able to encrypt all transport documentation such as bills of lading, delivery orders, booking and transport orders.
The customers of Silsal will include shipping agents, traders, custom brokers, freight forwarders and clearing agents, who will connect with entities integrated within the system both locally and internationally.
Read the latest Port Technology technical paper from Wolfgang Lehmacher of the World Economic Forum on how ports are smart links in the supply chain
According to the World Economic Forum, the potential savings which blockchain could achieve range from 20% of the total physical transportation costs, amounting to $1 trillion in additional global trade.
Supply chain experts have anticipated that the use of blockchain in shipping and trade will enable real-time tracking of its cargo and documents, time savings and shipments between countries and continents.
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 digitalization 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.”