Maqta Gateway LLC, a wholly owned subsidiary of Abu Dhabi Ports, has become the first entity in Abu Dhabi to deploy its own blockchain solution, Construction Business News reports June 2.
Maqta Gateway has developed and launched Silsal — a blockchain-based technology that aims to improve efficiency in the shipping and logistics industry.
According to Construction Business News, Silsal will initially be available to freight forwarders and their customers, with the new system 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 hopes to reduce paperwork, facilitate real-time status updates and accelerate information exchange.
Silsal was developed internally in the Digital Innovation Lab of Maqta Gateway and has been field tested with strategic customers of Abu Dhabi Ports, as Construction Business News reports. CEO of Maqta Gateway Dr. Noura Al Dhaheri commented:
“Blockchain is a key step in the digitalisation of trade.”
In addition to the blockchain, Maqta Gateway has created their own system for digital identity that can encrypt all types of transportation documents. “This,” Dr. Noura Al Dhaheri says “will eliminate the need for access through passwords which can often be a security risk.”
The logistics and shipping industry remains highly interested in developing blockchain solutions, with the World Economic Forum estimating that the technology could save 20% of the total costs of physical transportation worldwide and FedEx CEO calling it the “next frontier” for global supply chains.