Maqta Gateway, an Abu Dhabi Ports subsidiary, became the first Abu Dhabi entity to develop and launch its own blockchain technology, combined with digital user identities to link stakeholders across the trade community, with greater security, transparency and efficiency.
The new technology, Silsal, seeks to address the gap in the market for exporters and importers, to provide easy access to transaction status updates, reduce the need for paperwork, calls and physical visits, as well as to speed up information exchange overall.
Initially, the technology will be offered to freight forwarders and their customers, and subsequently extended to the rest of the trade community as a complementary tool to the existing mPCS (Maqta’s Port Community System).
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 is expected to enable real-time tracking of its cargo and documents, time savings and smoothening of shipments between countries and continents.
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.
Dr. Noura Al Dhaheri, CEO of Maqta Gateway, said:
"Technology is a crucial driver for the future of the shipping, logistics and trade industry and 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."
The project was developed internally in the Digital Innovation Lab without external partners, and has been field tested with Abu Dhabi Ports’ strategic customers.
This latest move joins numerous blockchain initiatives in the maritime in recent months, with the Port of Brisbane announcing a similar project to ease shipping trade last week.
Earlier this month, the Danish Maritime Authority announced it would use blockchain technology to reduce administrative burdens in trade and ship registration processes, the world’s first blockchain-based platform for electronic certificates of origin was launched by the Singapore International Chamber of Commerce and vCargo Cloud, while the world’s first blockchain platform for marine insurance became available for commercial use.