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During the GITEX technology week (where a senior CFTC Commissioner also gave a speech), the management of Maqta Gateway, an Abu Dhabi Ports subsidiary, announced their intention to partner with the Port of Antwerp to test their blockchain trade solutions internationally.
This is an exciting moment in the crypto sphere as this is the first time a local entity would be trying out the blockchain trade solutions on a global scale. According to the management, this pilot testing project, known as Silsal, would provide a safe and seamless link between stakeholders.
With excitement, the company is set to conduct its first test which is a trade between Belgium and the UAE. This new innovation is proposed to provide support in terms of full cargo visibility and streamlining trade flow. The trade will be so much easier and safer with the blockchain-based system as the system will be able to do more than exchange cargo between ports. It will also provide the opportunity to identify and verify cargo documents and certification between the ports.
The CEO of Abu Dhabi Ports, Captain Mohamed Juma Al Shamisi, assured the public that the team of experts at Maqta is working tirelessly to ensure safe, fast, and reliable trade transactions between Abu Dhabi and the world. The CEO of Maqta Gateway, Dr. Noura Al Dhaheri, took the time to educate the public about the system. He added that the integrity and reliability of blockchain technology make it the best shot at curbing the insecurities and difficulties associated with the increasingly complex global supply chain.
The Chief Digital and Information Officer of the Port Of Antwerp, Mr. Erwin Verstaelen, also added that the ambition of the port is to be an open innovation hub that introduces new technologies because they believe that digitization and innovation are necessary for the success of trade. He added further that with Abu Dhabi and its subsidiary, Maqta Gateway, he is sure they have found a strong partner that would help produce innovative solutions that will enable more efficient and secured processes in the Port.
Blockchain technology could indeed be the backbone of all future trades as it ensures transparency and safety that is not found anywhere else. According to a recent research and a white paper published by the World Economic Forum, the use of a distribution ledger like blockchain would go a long way to boost trade by over $1trilion in the next decade.