ADP First to Test Local Blockchain Trade Solution Internationally
Maqta Gateway LLC, an Abu Dhabi Ports subsidiary has announced that it has begun implementing the first international blockchain pilot testing project in partnership with the Port of Antwerp, Belgium.
The announcement marks the latest milestone for “Silsal” project, which is considered to be the first Blockchain-based solution to be developed locally by an Abu Dhabi local entity.
The innovative solution provides a seamless and secure link between stakeholders across the trade community using the electronic ledger system.
As part of a Memorandum of Understanding signed between Maqta Gateway and the Port of Antwerp to exchange experiences and promote collaborative innovation, the two parties will test this advanced project.
The latest test of the Silsal project will play a vital role in supporting companies conducting trade transactions between the UAE and Belgium, providing full cargo visibility and streamlining trade flows and supply chains.
The pilot project will test the capabilities of the technology to exchange, identify and acknowledge cargo documents and certificates between Abu Dhabi Ports and the Port of Antwerp.
Commenting on Silsal’s first international project, Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, said: “This is an important moment for us as we prepare to implement the first applied blockchain solution of its kind between Abu Dhabi and the world.
“Our technology experts at Maqta Gateway are working with world-class international partners, such as the Port of Antwerp, to deliver fast, reliable, and secure trade transactions through rigorous development and testing programs.”
Captain Al Shamisi added: “We will continue to work towards using blockchain and other technologies further across all trade transactions in Abu Dhabi, driven by the long-term vision and direction of the nation’s leadership to deliver constant innovation in order to help transform the Emirate’s trade and logistics sectors.”
As part of the pilot project, Maqta Gateway will use Silsal to run a Proof of Concept test with the Port of Antwerp for the handling of international trade documentation using blockchain technology.
The two sides have already established and agreed the technical specifications of the test, which will be achieved in the fourth quarter of 2018.
In September, Maqta Gateway signed a Memorandum of understanding (MoU) with Abu Dhabi Global Market, the International Financial Centre in Abu Dhabi, to collaborate on innovation projects, technologies and knowledge transfer.
As part of the partnership, both entities will exchange expertise and partner for joint innovation projects to develop and apply technologies in the areas of digital and mobile payments, blockchain and distributed ledgers, flexible platforms, among others.