U.A.E and Belgium launch Pilot Test of Blockchain-based Trade System

Abu Dhabi Maqta Gateway and the Belgian Port of Antwerp will sign a Memorandum of Understanding (MoU), to initiate a test run for a project called Silsal. The purpose of the test run is to examine the efficiency of the shipping and logistics industry, and how project Silsal can make improvements. Similar to the test that ran out of Australia to Germany, Silsal will use  distributed ledger technologies (DLT).

During the GITEX technology week, Maqta Gateway revealed project Silsal on October 14, 2018. Using DLT will allow shipping manifest to be more transparent as well as streamline the cooperation between the U.A.E and Belgium.

Noura Al Dhaheri, CEO of Maqta Gateway details:

“…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.”

This is not the first case of establishing a “smart port” by utilizing blockchain technology. Associated British Ports (ABP), the UK’s premier port operator, announced on September 19, 2018, that a MoU had been signed with  Marine Transport International, a digital logistics company, in order to create blockchained port logistics. Following that announcement, on October 3, 2018, the spanish port of Valencia stated their intention to implement blockchain technology in order to update the current standards.

As it’s becoming more apparent how blockchain can ease logistics and reduce the cost of overhead, it’s only a matter of time before all major companies begin adopting blockchain into their infrastructure.