United Arab Emirates (UAE) based Abu Dhabi Ports’ subsidiary Maqta Gateway and Belgium’s Port of Antwerp has commenced a blockchain pilot testing project.
As part of the project, Maqta Gateway will use its Silsal blockchain platform to conduct a proof of concept test with Port of Antwerp for handling international trade documentation.
Both partners of the project have already set up and agreed to the technical specifications of the test, which is expected to be completed by the last quarter of this year.
The project is based on a memorandum of understanding signed between Maqta Gateway and Port of Antwerp on sharing experiences and promoting collaborative innovation.
It is expected to help the companies to conduct trade transactions between the UAE and Belgium, enabling full cargo visibility and streamlining trade flows and supply chains.
The project will also test the capabilities of Silsal to exchange, identify and acknowledge cargo documents and certificates between the two ports.
Maqta Gateway CEO Dr Noura Al Dhaheri said: “We realised early on that blockchain technology can provide the very things necessary for reliability and integrity in the increasingly complex global supply chain.
“Silsal’s first international step today, working with the Port of Antwerp, is a manifestation of Abu Dhabi Ports’ commitment to secure Abu Dhabi’s global standing as a premier logistics, transport and trade hub, and support the Abu Dhabi Economic Vision 2030.”
Since its launch in June, Silsal system has been introduced in various operational phases by Maqta Gateway.
The system is set to be offered first to freight forwarders and their customers, and then to the rest of the trade community as a complementary tool to Maqta Port Community System.
According to a white paper published by World Economic Forum in partnership with Bain and Company, distributed ledger technology such as blockchain could advance trade by more than $1tn over the next decade.