It’s no news that the government of Abu Dhabi has reiterated several times of moving all existing government operations to the blockchain from 2022. The latest news coming out of the Arabian country is the trading sector, as it has begun the use of blockchain to conduct its transactions.
Maqta Gateway has developed and implemented its own blockchain solution for international logistics and trade. Maqta Gateway which is a wholly owned subsidiary of maritime industry developer Abu Dhabi Ports. This feat would be the first of its kinds as it transcends to a paperless real-time tracking which in turn would save time, efforts and paperwork.
Developed by the Digital Innovation Lab of Maqta Gateway, the blockchain was field tested with strategic customers of Abu Dhabi Ports prior to launch and will see a commercial rollout to freight forwarders and their customers initially.
The platform is designed to safely encrypt and secure all documents essential for documentation of cargo. After the technology has been tested, it will then be offered to the rest of the trade community as a ‘complementary tool’ alongside the current Maqta’s Port Community System, a move that will fast-track adoption.
“[B]lockchain is a key step in the digitalization of trade,” said Dr. Noura Al Dhaheri, CEO of Maqta Gateway, adding:
The blockchain solution was developed to bridge the gap between exporters and importers in an industry that is notoriously averse to digitization and change by reducing the need for manual paperwork, communication and physical visits with faster, real-time information exchanges over a decentralized ledger.
Through Silsal, we will be offering the trade community secure and integrated access to blockchain technology, with the added value of cost and time savings through real-time track and trace, reduction in paperwork and ease in extracting vital information to receive live updates.
Would the Import and export trade sector be able to depend on the blockchain for its cargo transportation? Share your opinion with us in the comment section below.
Image credit: Pixabay
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.
Latest Episode on Inside Blockchain
Crypto News Update
Blue Chip NFTs: What are they and Why are they Popular?
NFTs came into the global market after the frenzy of cryptocurrencies with earlier projects like CryptoPunk in 2017. By 2021,...
Court Orders Liquidation of Three Arrows Capital
Three Arrows Capital has been ordered to be liquidated by a British Virgin Islands court. The liquidation of Three Arrows...
Iran to Roll Out Test Version of its CBDC; Crypto Rial
The Tehran government set to release crypto rial; Iran’s new digital currency. The test stage is slated to begin within...
The Harmony Horizon’s Bridge Feared Hacked for $100 Million
The Harmony network’s Horizon Bridge has been halted as it is suspected of being hacked for up to $100 million...
Move-to-earn: Get Rewarded For Your Everyday Activity on Actifit
Technology is transforming our daily lives; innovative technological solutions are having an impact on many aspects of life and living....