October- 22, 2018 | AtoZMarkets - Abu Dhabi Ports has partnered with its Belgian equivalent for starting a blockchain-powered supply chain pilot project, as per the company’s press release.
The project named Silsal uses an electronic blockchain ledger system to provide full cargo visibility in addition to streamline trade flows and supply chains.
Provided the project passed the testing phase, the Silsal project is expected to automate the exchange, identification, and acknowledgment of cargo documents between Abu Dhabi ports and Belgium’s Port of Antwerp.
The contract dictates that each stakeholder acts like a node of a blockchain network has access the real-time supply chain of the shipped items and can acknowledge it.
Silsal utilizes "Proof-of-Concept" Test
The pilot will reportedly be conducted during the fourth quarter of the on-going year, and enables the Silsal project to run a Proof-of-Concept test, in which it will handle international documents to the Port of Antwerp, benefiting from the blockchain technology.
All the stakeholders interconnected with each other through a secure link over an electronic ledger can verify these documents by, and consequently, once acknowledged, the record will be permanently stored in a block that will remain accessible by the network’s participants from everywhere and at anytime.
In her turn, Dr. Noura Al Dhaheri- the CEO of Maqta Gateway which is a subsidiary of Abu Dhabi Ports, explained at GITEX Technology Week the potential of their project while, saying: “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.”
The media reported earlier as well that Abu Dhabi Ports is also building more undisclosed DLT projects in partnership with Abu Dhabi Global Market- the International Financial Centre in Abu Dhabi.