Maqta Gateway is a port in Abu Dhabi that is owned by a division of maritime developer, Abu Dhabi Ports. They have now announced that they are deploying their own blockchain technology for international imports and exports. The new technology is called “Silsal” which means “chain” in Arabic. This blockchain solution has never been implemented before and it is the first of its type. It will provide real-time tracking of shipments and cargo and will allow documents to be accessed electronically as opposed to printing. It will not only be time efficient but cost effective as well. International trading patterns will be shared on a decentralized ledger. This solution was created to fill the hole between importers and exporters in an industry that deals with a lot of change and numbers. The international shipping industry, as a whole, can save upto 20% in total transportation costs, which would reduce costs by a whopping $1 trillion for the global market! CEO of Maqta Gateway, Doctor Noura Al Dhaheri, stated that, “Blockchain technology is a major step for the digitalization of trade”. We have noticed that more and more nations have adopted blockchain technology into their businesses and international trade companies such as: The largest port in Europe in Rotterdam, Brisbane Port in Australia, Korea’s shipping industry, and the biggest shipping company in the world, Maersk.
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