Blockchain Solution For Trade Community Created By Abu Dhabi’s Maqta Gatewaybr>
Maqta Gateway, a subsidiary of the Abu Dhabi Ports, has become the first Abu Dhabi company to develop and launch its own blockchain solution.
Established in 2016, Maqta Gateway is the developer and operator of the first Port Community System (PCS) in the United Arab Emirates (UAE), which standardizes and secure all the information exchange among port stakeholders, customers and governmental authority entities, providing a single window to all port services with system-to-system integration.
Called Silsal, the platform combines blockchain technology with unique digital user identities to provide a seamless and secure link between stakeholders across the trade community. It was developed internally in the Digital Innovation Lab of Maqta Gateway and has been field tested with strategic customers of Abu Dhabi Ports.
The goal of the platform is to address the gap in the market for exporters and importers, provide easy public access to transaction status updates, reduce the need for paperwork, calls and physical visits, and to expedite the exchange of information.
“At Abu Dhabi Ports, we strive to invest in cutting-edge technological innovations that not only bring immense benefits to the trade community, but also play a role in the transformation of the UAE to a knowledge-based, competitive economy,” said Captain Mohamed Juma Al Shamsi, CEO of Abu Dhabi Ports. “This achievement will help to further augment Abu Dhabi’s position as a centre for innovation in logistics and trade.”
The new blockchain platform will initially be offered to freight forwarders and their customers and gradually to the rest of the trade community as a complementary tool to Maqta’s PCS.
Dr. Noura Al Dhaheri, CEO of Maqta Gateway, said that technology is a crucial driver for the future of the shipping, logistics and trade industry and blockchain is a key step in the digitalization of trade.
“Through Silsal, we will be offering the trade community secure and integrated access to blockchain technology, with the added value of cost and time savings through real-time track and trace, reduction in paperwork and ease in extracting vital information to receive live updates,” said Al Dhaheri. “Not only have we introduced our own blockchain offering, but we have also invented our own form of digital identity. This will eliminate the need for access through passwords, which can often be a security risk.”