Ports Of Abu Dhabi And Belgium Are Cooperating In A Pilot Blockchain Trade

A subsidiary of the port of Abu Dhabi cooperates with the Belgian port of Antwerp for a blockchain pilot aimed at facilitating international trade.

The proof-of-concept (PoC) test will be conducted using Silsal’s proprietary blockchain platform, which was launched in June to eliminate inefficiencies in the shipping industry and better connect importers and exporters.

According to a press release, the test is expected to help companies process trade documentation between the United Arab Emirates and Belgium, “providing full visibility of cargo and optimizing trade flows and supply chains.”

A pilot project aimed at exploring how best to scale the blockchain system of world trade, and to ensure the security of transactions and reduce integration costs. The work is expected to be completed by the fourth quarter of 2018.

The news marks the latest in a wave of blockchain research on global logistics.

It is noteworthy that most of the leaders of the shipping industry, it seems, are increasingly focused on blockchain. A recent study conducted by INTTRA, a network of Maritime carriers, found that more than 53 percent of 130 executives surveyed said they were interested in the technology.