In a move to facilitate trading between countries, one of the subsidiary of Abu Dhabi ports has entered into a partnership with the Belgium port of Antwerp. The Maqta Gateway that uses it’s very own blockchain platform Silsal will be trialing the Proof-of-concept. The trial will help companies handle documents between Abu Dhabi and Dubai and also streamline trading and supply chain by providing complete transparency.
The pilot that is supposed to be completed by the end of 2018 Q4 will aim to reduce integration costs and increase operational and transactional security using blockchain. Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, said this is a huge breakthrough as they prepare to launch applied blockchain system.
The pilot project marks another major development for the blockchain technology in the logistics domain after delivery giant FedEx joined Hyperledger blockchain consortium earlier last month. World Economic Forum (WEF) and Bain & Company in their recent report called out that blockchain and distributed ledger will contribute $1 trillion over the next decade.