Maqta Gateway LLC, a subsidiary of Abu Dhabi Ports has announced the launch of its own blockchain technology dubbed Silsal. Following the launch, Maqta Gateway will become the first organization in Abu Dhabi to successfully launch its own blockchain solution.
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Securing transaction records
Silsal was designed so as to bridge the gap between importers and exporters in addition to offering an easy access to transaction records and status updates. The platform aims to significantly reduce the need for paperwork and speed up the exchange of information. Maqta Gateway will use the technology to encrypt all documentation including Delivery Order, Bill of Lading, Booking and Transport Orders.
Silsal has been designed in a way that it combines blockchain technology together with unique digital user identities so as to offer a smooth and secure link between all stakeholders in the trade chain.
Complementing existing systems
For a start, the technology will be used by freight forwarders together with their customers before it is finally rolled out to the rest of the community. The technology will be used as a complementary tool to the current existing system used at the port.
The shipping and logistics industry is among the leading sectors quickly embracing blockchain technologies and it is hoped that the adoption of blockchain will come with a lot of benefits.
The shipping and trade industry is expected to benefit from real-time tracking of documents and cargo. The technology will also save a lot of time and hopefully make shipping between countries and continents easier.
In a statement, Abu Dhabi Ports CEO, Mohamed Juma Al Shamsi said the port is always striving to embrace new technologies and innovations which bring in a lot of benefits to the trade community as well as play a significant role in transforming the country into a competitive knowledge-based economy. He added that the technologies will help in cementing Abu Dhabi’s position as the leader in innovative technologies in trade and logistics.
For his part, Maqta Gateway CEO, Dr. Noura Al Dhaheri said that the technology is an important driver of the future of shipping, trade and logistics industry.