Abu Dhabi Ports has collaborated with its Belgian partner to launch a blockchain-powered supply chain pilot project. Silsal, the title of the company, includes an electronic blockchain ledger system to offer complete cargo visibility and streamline trade flows and supply chains. If it works out successfully, the project is expected to bring automated exchange, identification, and acknowledge of cargo documents between Abu Dhabi Ports and Belgium’s Port of Antwerp. Each stakeholder is a node of a blockchain network who can access to the system and accept the real-time supply chain of the shipped goods.
In the pilot, the Silsal project will undergo a Proof-of-Concept test which govern international documents to the Port of Antwerp with the blockchain technology. These documents are predicted to be approved by all stakeholders interconnected with each other via a secure link with an electronic ledger. After the approval, the record will be piled up in a block forever and become accessible by the network’s participants anytime and anywhere.
It has become more and more popular to use blockchain technology in the logistics for development of monitoring and record-keeping and integrity of the international trades. Among supply chains of commodities, the system is already applied. FedEx has also joined the blockchain network by lining up their private supply chain initiatives.
The CEO of Maqta Gateway which is a subsidiary of Abu Dhabi Ports, Dr. Houra Dhaheri, stated that the blockchain technology which is expected to give reliability and integrity in the highly complicated global supply chain. Silsal’s first international step, working with the Port of Antwerp, is a disclosure of Abu Dhabi Ports’ liability to concrete Abu Dhabi’s global status as a chief logistics, transport and trade hub and assist the Abu Dhabi Economic Vision 2030.
Abu Dhabi Ports is also expanding tasks for more undisclosed DLT projects with Abu Dhabi Global Market, the International Financial Centre in Abu Dhabi. It set a goal to become a digitalized area in the next five years with the upgraded solutions with the innovative technologies, blockchain, Artificial Intelligence (AI) and IoT.
Author: Jieun Lee