Maqta Gateway LLC, a subsidiary company of Abu Dhabi Ports, finally initiated the first ever blockchain solution in Abu Dhabi to secure the link and development of integrated, digital, and global trade among its stakeholders.
Captain Mohamed Juma Al Shamsi, CEO of Abu Dhabi Ports, took part in the announcement and shared the company’s vision as the new pioneers of the blockchain technology in the United Arab Emirates, “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.”
The blockchain project was named “Silsal” and its purpose is to improve the efficiency of the shipping and logistics industry; more importantly to address the gap in the trade market involving the exporters and importers. Hopefully, when Silsal becomes successful in the long-run, Maqta Gateway LLC will provide easy public access to real-time transaction status updates, speed up information exchanges, and completely diminish the need for paperwork, calls, and physical visits.
Silsal will initially be launched for freight forwarders and direct customers. When everything goes smoothly, the rest of the trading community will experience it as a complementary tool to the existing Maqta’s Port Community System (mPCS); and the economic industry, as a whole, might gain a potential savings ranging from 20 percent of the total physical transportation costs to $1 trillion addition to the global trade.
Complementary to what Captain Mohammed said, Maqta Gateway CEO Dr. Noura Al Dhaheri, hinted that “Technology is a crucial driver for the future of the shipping, logistics and trade industry and blockchain is a key step in the digitalisation of trade.” According to her, aside from Silsal’s capabilities, Maqta has created its own system for digital identity that can encrypt all types of transportation documents to eliminate the need for access through passwords. This will instantly solve the problems concerning data security risks in return.
Maqta and Abu Dhabi Ports both agree that Silsal will be offering the trading community a complete and integrated access to the blockchain technology with the additional benefits of cost and time savings. With these benefits at hand, FedEx CEO Frederick W. Smith even called it the “next frontier” for global supply chains. Silsa, therefore, might change how the global trade and world economic system work in the near future.