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.