Abu Dhabi Ports launches blockchain technology for trade community
Maqta Gateway invents a unique digital user identity to provide easy and secure rights and permission to the blockchain’s users
Maqta Gateway, an Abu Dhabi Ports subsidiary, is the first Abu Dhabi entity to develop and launch its own blockchain technology – Silsal. Silsal will combine blockchain technology and unique digital user identities to provide a seamless and secure link between stakeholders across the trade community.
Blockchain technology acts as an open digital ledger that can be used by trade actors to record and extract details regarding transactions with greater security, transparency and efficiency.
Silsal was conceived to address the gap in the market for exporters and importers, to provide easy and public 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.
