Abu Dhabi’s Maqta Gateway launches blockchain for trade community

Silasl will combine blockchain technology, which acts as an open digital ledger, and unique digital user identities and complement the port’s existing mPCS (Maqta’s Port Community System).

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 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, Abu Dhabi Ports said in a press release.

In addition, the use of blockchain in the shipping and trade industry will enable real-time tracking of its cargo and documents, time savings and smoothening of shipments between countries and continents.

This project was developed internally in the Digital Innovation Lab without external partners, and has been field tested with Abu Dhabi Ports’ strategic customers.

Abu Dhabi Ports ceo Mohamed Juma Al Shamisi said: “Our leadership has always been a great supporter of Abu Dhabi Ports and has shown great keenness in continuously encouraging institutions and individuals to take the initiative to contribute to the country's economic and social development and build a diversified and sustainable economy based on innovation. 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.”

He added: “At Abu Dhabi Ports we strive to invest in cutting-edge technological innovations that not only bring immense benefits to the trade community but also play a role in the transformation of the UAE to a knowledge-based, competitive economy. This achievement will help to further augment Abu Dhabi’s position as a centre for innovation in logistics and trade.”

Maqta Gateway ceo Noura Al Dhaheri noted: “Technology is a crucial driver for the future of the shipping, logistics and trade industry and blockchain is a key step in the digitalization of trade. 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.”

He added: “Not only have we introduced our own blockchain offering, but we have also invented our own form of digital identity. This will eliminate the need for access through passwords which can often be a security risk.”

As a result of the in-house developed digital identity, Maqta Gateway will be able to encrypt all transport documentation, including but not limited to the Bill of Lading, Delivery Oder, Booking and Transport Orders, etc., thus improving the communication flow and the efficiency of the physical movement of the goods, through a transparent, secure and easy to use process.

Learn more about smart ports at Seatrade Maritime Middle East in October 2018

Maqta Gateway, inaugurated in October 2017, is a transformational project that has set out to re-define Abu Dhabi’s trade services, processes and information exchange through a unified interface that connects various s, with entities integrated within the system locally and internationally.

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