Abu Dhabi introduces blockchain offering for paperless trade
A subsidiary of Abu Dhabi Ports has introduced a new blockchain offering to improve the communication flow among its trade community.
Maqta Gateway is the first Abu Dhabi entity to develop and launch its own blockchain-powered solution. The entity was inaugurated in October 2017 with the goal to “re-define Abu Dhabi’s trade services, processes and information exchange”.
It has now launched a new platform, Silsal, which will provide trade players with a unique digital user identity and allow them to record and extract details about transactions with greater security, transparency and efficiency.
It will also enable users to track cargo in real time and exchange encrypted transport documentation such as bills of lading, delivery orders, booking and transport orders.
Noura Al Dhaheri, CEO of Maqta Gateway, says the platform will bring cost and time savings to its users “through real-time track and trace, reduction in paperwork and ease in extracting vital information”. The new digital identities, he adds, will also “eliminate the need for access through passwords, which can often be a security risk”.
The solution will initially be offered to freight forwarders and their customers, and subsequently extended to the rest of the trade community as a complementary tool to Abu Dhabi Ports’ existing community system, mPCS.
The port expects the technology to bring “significant benefits” to its trade community members, with potential savings of up to 20% of the total physical transportation costs.
Silsal was developed internally in Maqta Gateway’s digital innovation lab, and has been field tested with it strategic customers.
“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,” says Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports.take me back