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   836

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.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   92

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.