Abu Dhabi and Belgium Ports Become Partners on Silsal Project
Abu Dhabi ports have joined forces with Belgian ports and are currently working on a pilot trading concept that will be powered by blockchain technology in the form of a ledger system. The aim of the project is to have complete visibility and transpaency on cargo and to facilitate flow as well as supply chains. If testing is successful, Silsal is expected to provide automation of exchanging, identifying, and acknowledging cargo documents between the ports in the Emirati capital and Antwerp's ports in Belgium. Stakeholders on each end will serve as nodes to the blockchain network that can unlock and address the shipped items’ supply chain in real-time.
A Deeper Look into Silsal
The project is set to start during Q4 2018. It will begin as a POC testing phase applying blockchain tech to take care of international documents heading in the direction of the Antwerp port. Stakeholders will be able to verify these documents easily as they will be adjoined by a secured link within the digital ledger. As soon as the documents are acknowledged, a record for the process will be saved permanently within a block which can be accessed by any of the participants in the network whenever they want.
Using blockchain to develop the current conventional systems used to monitor and keep records is expected to improve trading internationally in terms of expense, time, and trustworthiness.
Supply chains among other industries have already adopted a similar concept, especially within commodities. Shipping firms such as FedEx have also embraced the blockchain revolution and lined up a series of initiatives to innovate supply chains.
Dr. Noura Al Dhaheri, Maqta Gateway's Chief Executive Officer, a subsidiary company to Abu Dhabi Ports, stated that there is a high potential for Silsal. He was attending GITEX tech week in the UAE and said that the benefit of blockchain tech was clear for the company very early on, as it can support certain aspects crucial to attaining a reliable and honest outcome within the highly complicated international supply chain. He described this first phase with the Belgian port as a clear demonstration of the level of commitment from Abu Dhabi Ports in looking to secure the capital’s international prestige as a leading logistics, trading, and transport network, in support of the 2030 economic vision for the UAE capital.
A Digital Future for Abu Dhabi
Further projects now in place by the company include a collaboration with the IFC in the capital to design DLT projects, currently confidential. Abu Dhabi aims at becoming an area completely transformed by the digital world during the next 5 years via designing solutions defined by modern innovations in technology, including AI and the Internet of Things, along with blockchain.