The subsidiary of Abu Dhabi Ports, Maqta Gateway, is the latest to join blockchain bandwagon. The company has deployed its own blockchain solution called Silsal to solve the problems of countless paperwork, updating of statuses and the slow exchange of information. Silsal will first be available to freight forwarders and company’s customers. It will then be used by traders using the Maqta’s Port Community System (mPCS).
“Blockchain is a key step in the digitalization of trade,” said Dr. Noura Al Dhaheri, CEO of Maqta Gateway. The CEO of Abu Dhabi Ports, Captain Mohamed Juma Al Shamisi added, “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.”
The logistics and shipping industry is vast and complicated, and thus blockchain solutions are the best way to solve the number of issues. Silsal will help solve the gap between exporters and importers in getting real-time information. Maqta Gateway in the past also has used several other technologies in order to improve their operations, e.g. Digital Identity – it helps encrypt transportation documents efficiently compared to passwords which can be stolen and used.
According to the World Economic Forum, blockchain technologies have the potential of saving almost 20% of the total physical transportation costs. Another survey of 130 participants done by INTTRA Inc. revealed that almost 53% of senior shipping executives are exploring the use of blockchain applications. Even FedEx, which is one of the largest logistics firms in the world, is using Blockchain technology to improve their operations. IBM has also currently partnered with shipping giant Maersk to help them enhance efficiency and improve transparency through blockchain.
Overall, shipping and logistics industry seems to be in for an exciting time, which will help the companies flourish, thanks to the number of capabilities blockchain technology has to offer.