Abu Dhabi Ports Starts First Domestic Blockchain Solution for Logistics
Maqta Gateway has developed and started Silsal a blockchain based technology that aims to enhance efficiency in shipping and logistics industry.
As per the news, Silsal will at first be available to freight forwarders and their clients, with new systems being rolled out to “the rest of the trade community as a complementary tool to the existing mPCS Maqta’s Port Community System.”
Using an internal blockchain, Abu Dhabi Ports expects to decrease paperwork, expedite real-time status updates and accelerate information exchange.
Silsal was created internally in the digital innovation Lab of Maqta Gateway and has been field tested with strategic customers of Abu Dhabi Ports, as per the report.
CEO of Maqta Gateway Dr. Noura Al Dhaheri stated:
“Blockchain Technology is a key step in the digitalization of trade.”
Besides blockchain, Maqta Gateway has developed their own system for digital identity that can encrypt all kinds of transportation documents. “This,” Dr. Noura Al Dhaheri states “will eliminate the need for access to passwords which can often be a security risk.”
The shipping and logistics industry remains highly interested in developing blockchain solutions, with World Economic Forum estimating that the technology could save 20% of the total expenses of physical transportation worldwide and FedEx CEO Mr. Frederick W. Smith calling it the “next frontier” for global supply chains.