Abu Dhabi, Belgium Ports Collaborate on Blockchain Trade Pilot

A subsidiary of Abu Dhabi Ports has partnered with Belgium's Port of Antwerp for a blockchain pilot aimed to facilitate international trade.

The proof-of-concept trial will be conducted by Maqta Gateway using its own blockchain platform, Silsal, which was launched in June to address inefficiencies in the shipping industry and better connect importers and exporters.

The pilot is aimed to investigate how to best to scale up blockchain systems in world trade, as well as provide transaction security and lower integration costs.

"This is an important moment for us as we prepare to implement the first applied blockchain solution of its kind between Abu Dhabi and the world. Our technology experts at Maqta Gateway are working with world-class international partners, such as the Port of Antwerp, to deliver fast, reliable, and secure trade transactions through rigorous development and testing programs."

The news marks the latest in a wave of blockchain explorations underway across the global logistics industry.

Joined the Hyperledger blockchain consortium last month, in a bid to jointly develop and adopt blockchain in its processes.

In August, tech giant IBM and shipping major Maersk announced a global trade blockchain platform called TradeLens.

Blockchain startup SUKU, headed by a group of former Deloitte employees, launched a supply chain platform built on the ethereum and quorum blockchains, also in September.

Notably, a majority of shipping executives seem to be increasingly focused on blockchain.

Blockchain and distributed ledger technologies are expected to enable $1 trillion in new trade over the next decade, according to a recent report.