Blockchain for Imports and Exports ran by Abu Dhabi Ports

A subsidiary of maritime industry developer Abu Dhabi Ports - Maqta Gateway, has developed its own blockchain solution for international trade and logistics
04 June 2018   378

According to the Emirates News Agency report, this blockchain solution, dubbed ‘Silsal’, is now the first of its kind platform in Abu Dhabi and will allow the real-time tracking of cargo and paperless documents when  saving time and rising overall efficiency of international trade on a decentralized ledger. It was developed to overcome the gap between exporters and importers in an industry that is as known averse to digitization and change by decreasing the need for manual paperwork, communication and physical visits with faster, real-time information exchanges over a decentralized ledger.

The international shipping industry is ready for disruption with the World Economic Forum (WEF) admitting that blockchain technology could potentially save 20 percent of the total physical transportation expenses, cutting costs by up to $1 trillion in global trade.

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.
Dr. Noura Al Dhaheri
CEO, Maqta Gateway

The platform will also allow to encrypt and secure all essential transport documentation such as the bill of lading, booking, delivery and transport orders. The blockchain deployed by the Digital Innovation Lab of Maqta Gateway, was tested with strategic clients of Abu Dhabi Ports prior to run and will see a commercial rollout to freight forwarders and their customers initially. Later, the technology will be suggested to the rest of the trade community as a ‘complementary tool’ alongside the present  Maqta’s Port Community System, a move that will fast-track acception.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   83

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.