Maqta Gateway, an Abu Dhabi Ports subsidiary, is the first Abu Dhabi entity to develop and launch its own blockchain technology—Silsal. Silsal will combine blockchain technology and unique digital user identities to provide a seamless and secure link between stakeholders across the trade community.
Blockchain technology acts as an open digital ledger that can be used by trade actors to record and extract details regarding transactions with greater security, transparency and efficiency.
Silsal was conceived to address the gap in the market for exporters and importers, to provide easy and public access to transaction status updates, reduce the need for paperwork, calls and physical visits as well as to speed up information exchange overall. Initially, the technology will be offered to freight forwarders and their customers, and subsequently extended to the rest of the trade community as a complementary tool to the existing mPCS (Maqta’s Port Community System).
As the shipping and logistics industry rapidly adopts new technologies, blockchain can offer trade community members significant benefits. According to the World Economic Forum, potential savings range from 20 per cent of the total physical transportation costs, amounting to $ 1 trillion addition to global trade.
In addition, the use of blockchain in the shipping and trade industry will enable real-time tracking of its cargo and documents, time savings and smoothening of shipments between countries and continents.
This project was developed internally in the Digital Innovation Lab without external partners, and has been field tested with Abu Dhabi Ports’ strategic customers.
As a result of the in-house developed digital identity, Maqta Gateway will be able to encrypt all transport documentation, including but not limited to the Bill of Lading, Delivery Oder, Booking and Transport Orders, etc., thus improving the communication flow and the efficiency of the physical movement of the goods, through a transparent, secure and easy to use process.
Maqta Gateway, inaugurated in October 2017, is a transformational project that has set out to re-define Abu Dhabi’s trade services, processes and information exchange through a unified interface that connects various trade customers, including shipping agents, traders, Custom brokers, freight forwarders and clearing agents, with entities integrated within the system locally and internationally.