Maqta Gateway LLC, an Abu Dhabi Ports subsidiary, is to carry out its first testing of international blockchain solution Silsal together with MSC Mediterranean Shipping Company.
The innovative solution provides a seamless and secure link between stakeholders across the trade community using the electronic ledger system.
The innovative solution provides a seamless and secure link between stakeholders across the trade community using the electronic ledger system.
Therefore, as a major carrier, MSC will provide vital information and feedback on the international pilot project. The project will test the capabilities of the technology to exchange, identify, and acknowledge cargo documents and certificates between Abu Dhabi Ports and other ports.
Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, said that adopting blockchain will transform digital transactions and save time, effort and resources on a huge scale. Furthermore, he added the authority will continue to harness the power of innovative solutions and emerging technologies to facilitate trade.
Andre Simha, CIO at MSC, said the project should help pave the way for improved documentation flows. Also, it will streamline supply chains for companies. Additionally, he said MSC is open to forming new partnerships. The focus is to reduce delays, improve inventory management, and identify issues faster. Certainly, all parties involved will reap significant cost savings.
Andre Simha, CIO at MSC, said the project should help pave the way for improved documentation flows. Also, it will streamline supply chains for companies. Additionally, he said MSC is open to forming new partnerships. The focus is to reduce delays, improve inventory management, and identify issues faster. Certainly, all parties involved will reap significant cost savings.
Open digital ledger
Blockchain technology acts as an open digital ledger. Trade partners use it to record and extract transaction details with greater security, transparency and efficiency.
Silsal is first unveiled in June 2018. Freight forwarders and their customers get to use it initially. Subsequently, the rest of the trade community is included. This will be as a complementary tool to Maqta Port Community System.
