Abu Dhabi using blockchain to boost logistics
Middle East shipping hub Abu Dhabi is to use blockchain to improve logistics efficiency and keep track of freight movements.
Maqta Gateway, a subsidiary of Abu Dhabi Ports, plans to use its Silsal technology to improve real-time tracking of cargoes and make for smoother shipments between countries.
Abu Dhabi Ports says blockchain can offer significant benefits as the shipping and logistics industry rapidly moves to new technologies.
According to the World Economic Forum, potential savings range from 20% of the total physical transportation costs, amounting to a $1trn boost to global trade.
Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, said: “At Abu Dhabi Ports we strive to invest in cutting-edge technological innovations that not only bring immense benefits to the trade community but also play a role in the transformation of the UAE to a knowledge-based, competitive economy.”
He added: “Not only have we introduced our own blockchain offering, but we have also invented our own form of digital identity. This will eliminate the need for access through passwords which can often be a security risk.”
IBM and shipping giant Maersk have recently established a joint venture looking to transform shipping logistics using blockchain.