Russia is in the final phase of testing a central bank digital currency (CBDC), which will be used for both national and international...
This project, labeled Silsal, will be put through a test run following the signing of a Memorandum of Understanding (MoU) between Maqta Gateway and the Port of Antwerp. Their aim is to use this new system to improve the efficiency of the shipping and logistics industry. This will be done by utilizing distributed ledger technologies (DLT), which are a fundamental component of the blockchain.
The Silsal project was revealed by Maqta Gateway on the 14th of October at the GITEX technology week. It is expected that DLT will enable full cargo transparency and ease the flow of trade between the U.A.E, where Abu Dhabi Ports is situated, and Belgium, where lies the Port of Antwerp. As Dr Noura Al Dhaheri, CEO of Maqta Gateway explains:
“…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.”
This is not the only case of a port integrating blockchain technology. The port of Valencia, one of the most active ports in Spain, revealed on the 3rd of October its integration of blockchain technology to form a ‘smart port’. This was preceded by the announcement on the 19th of September that the UK’s leading port operator, Associated British Ports (ABP), had signed an MoU with digital logistics company Marine Transport International to develop a use for blockchain in port logistics.
The benefits of blockchain in global trade are too great for international firms to ignore. As blockchain technology is adopted by these companies, we can expect lower costs and an optimised global resource distribution.
Overall, this would seem to be a good trade.