Maqta Gateway and MSC Hope Silsal Brings Efficiencies
Abu Dhabi ports’ arm, Maqta Gateaway, will collaborate with the Mediterranean Shipping Company (MSC) of Belgium in a proof-of-concept test for Silsal. Silsal is a blockchain-based solution that provides a transparent, secure, and cost effective transfer of logistics documentation between ports. Silsal is powered by an electronic open-source ledger that is accessible to the trading ports. Because of these characteristics, the parties hope to create a paperless system. Furthermore, the system aims to perform “exchange, identification and acknowledgement” cargo documentation between the ports.
The pilot project launches in the last quarter of 2018. Silsal’s development team will gather important feedback and recommendations during the pilot phase.
MSC is a leading shipping company with operations spanning over 160 countries. The company’s 510 container vessels access over 500 ports worldwide. With approximately 500 offices globally and a workforce of over 70,000 individuals, the company is in position to provide constructive feedback and recommendations for Silsal before its rolled out to other industries.
Speaking during the GITEX Technology Week, Maqta Gateaway CEO, Dr. Noura Al Dhaheri expressed is optimism over the project’s potential.
“We realized early on that blockchain technology can provide the very things necessary for reliability and integrity in the increasingly complex global supply chain. Silsal’s first international step today, working with the Port of Antwerp, is a manifestation of Abu Dhabi Ports’ commitment to secure Abu Dhabi’s global standing as a premier logistics, transport, and trade hub, and support the Abu Dhabi Economic Vision 2030.”
Silsal Aims to Become Industry Standard
Silsal will take over from the conventional record-keeping system in the ports. The two stakeholders will act like nodes in the blockchain network. In their capacity as nodes, they will be able to verify and acknowledge the cargo documents in real-time. Due to the technologies capabilities, records are permanently archived. However, the records will not be open to alteration by either team.
MSC’s CIO, Andre Simha states, “This innovative pilot project should help pave the way for improved documentation flows and streamline supply chains for companies. We welcome new partnerships which reduce delays, improve inventory management, and identify issues faster, resulting in significant cost savings for all parties involved.”
Finally, Abu Dhabi is looking to have an entirely digital economy by 2030. The Silsal project is a step closer to attaining this vision. The two partners join several other companies utilizing blockchain technology to streamline their supply chains.
Similarly, FedEx recently announced that it was testing a Blockchain solution to monitor highly sensitive cargo. Walmart made its debut into the blockchain space recently. The giant retail store uses IBM’s blockchain solution to monitor certain food product’s supply chain. In the finance industry, a number of traditional financial service providers are actively carrying out tests. These include the use blockchain technology to cut transactions costs, speed up transactions, and strengthen security.