Abu Dhabi Ports launches blockchain technology for trade community
Maqta Gateway has become the first Abu Dhabi entity to develop and launch its own blockchain technology - Silsal.
Silsal will combine blockchain technology and unique digital user identities to provide a seamless and secure link between stakeholders across the trade community.
The program was conceived by the Abu Dhabi Ports subsidiary to address the gap in the market for exporters and importers, to provide easy and public access to transaction status updates, reduce the need for paperwork, calls and physical visits as well as to speed up information exchange overall.
Blockchain technology acts as an open digital ledger that can be used by trade actors to record and extract details regarding transactions with greater security, transparency and efficiency.
The technology will be offered to freight forwarders and their customers initially, and subsequently extended to the rest of the trade community as a complementary tool to the existing mPCS (Maqta’s Port Community System).
See our video with Dr. Noura Al Dhaheri, CEO of Maqta Gateway below:
As the shipping and logistics industry rapidly adopts new technologies, blockchain can offer trade community members significant benefits.
According to the World Economic Forum, potential savings range from 20% of the total physical transportation costs, amounting to $1 trillion addition to global trade.
In addition, the use of blockchain in the shipping and trade industry will enable real-time tracking of its cargo and documents, time savings and smoothening of shipments between countries and continents.
“Our leadership has always been a great supporter of Abu Dhabi Ports and has shown great keenness in continuously encouraging institutions and individuals to take the initiative to contribute to the country's economic and social development and build a diversified and sustainable economy based on innovation,” said Captain Mohamed Juma Al Shamisi, CEO Abu Dhabi Ports.
Captain Mohamed Juma Al Shamisi, CEO Abu Dhabi Ports.
“We are delighted to announce the launch of the first home-grown blockchain technology in Abu Dhabi through Silsal service, which was developed using local resources and capabilities to provide advanced services to all users.”
Dr. Noura Al Dhaheri, CEO of Maqta Gateway, said: “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,” she added.
As a result of the in-house developed digital identity, Maqta Gateway will be able to encrypt all transport documentation, including but not limited to the Bill of Lading, Delivery Oder, Booking and Transport Orders, etc., thus improving the communication flow and the efficiency of the physical movement of the goods, through a transparent, secure and easy to use process.
Maqta Gateway, inaugurated in October 2017, is a transformational project that has set out to re-define Abu Dhabi’s trade services, processes and information exchange through a unified interface that connects various trade customers, including shipping agents, traders, custom brokers, freight forwarders and clearing agents, with entities integrated within the system locally and internationally.