The proof of concept (PoC) trial will be led by Maqta Gateway implementing its own blockchain platform, Silsal. This was started in June to address inefficiencies in the shipping industry and better connect importers and exporters.
As per the Press Release, the trial is deemed to help companies handle trade documentation between Belgium and United Arab Emirates (UAE), ‘giving full cargo visibility and streamlining trade flows and supply chains.’
The pilot is intended to investigate how to scale up blockchain systems in world trade and provide transaction security and lower integration costs. The effort is expected to be finished by the Q4 2018.
CEO of Abu Dhabi Ports, Mr. Mohamed Juma Al Shamisi, stated:
“This is an important moment for us as we prepare to execute the first applied blockchain solution of its kind between Abu Dhabi and the world. Our technology specialists at Maqta Gateway are working with world-class international associates, such as the Port of Antwerp, to deliver fast, reliable, and secure trade transactions through rigorous development and testing programs.”
The news marks the latest in the blockchain explorations underway across the global logistics industry.
Lately, FedEx joined the Hyperledger blockchain consortium last month, to jointly develop and adopt blockchain in its process. And, in August, Shipping Giant Maersk and IBM declared a global trade blockchain platform called TradeLens with 94 companies as of now on board as members.
As per a recent report from the World Economic Forum (WEF) and Bain & Company, blockchain technology, and distributed ledger technologies (DLT) are expected to enable $1 trillion in new trade over the next decade.