Subsidiary ports of Abu Dhabi has entered into a partnership with the Belgian port of Antwerp to implement blockchain-project aimed at facilitating international trade.
Testing proof of concept (PoC) will hold the company to develop software Maqta Gateway using its own blockchain platform Silsal, which was launched in June to resolve problems in the shipping industry and better communication between importers and exporters.
According to a press release, the blockchain system will help companies to process trade documentation between the United Arab Emirates and Belgium, “by ensuring full transparency of cargo movement and optimization of trade flows and supply chains”.
The pilot project aims to understand how best to scale the blockchain system of world trade, and to ensure the security of transactions and reduce the costs of implementation. It is expected that testing will be completed by the fourth quarter of 2018.
Mohamed Juma al Shamisi (Mohamed Juma Al Shamisi), CEO of port of Abu Dhabi, said:
“This is an important moment for us as we prepare to implement the first practical solution based on the blockchain between Abu Dhabi and the world. Our experts in the field of technology in the Maqta Gateway works with international partners such as the port of Antwerp, to ensure quick, reliable and safe commercial operations through the careful development and testing.”
The news marks another round of testing blockchain systems in global logistics. More recently, FedEx has 13 companies joined blockchain Hyperledger consortium to jointly develop and implement technology in their processes. In August, Maersk and IBM successfully launched the logistics project TradeLens blockchain-based platform for tracking of freight, customs and exchange of financial information and stimulate the creation of innovations in the industry. In addition, in September, the veterans of Deloitte presented a blockchain platform SUKU developed for supply chains.
It is noteworthy that most of the leaders of the shipping companies seem to focus more and more on the blockchain. A recent survey by INTTRA, showed that more than 53% of 130 surveyed in this area state that they are interested in this technology. This is not surprising, since according to a recent study by the WEF, the blockchain can increase trade financing by $1 trillion.