Maqta Gateway, a subsidiary of Abu Dhabi Ports, announced the launch of their blockchain, Silsal. The aim of the platform is to provide greater security, transparency and efficiency in trade. Last week neighbouring Dubai announced a similar project.
Silsal reduces friction by speeding up information exchange, providing access to transaction status updates, and reducing the need for paperwork, phone calls, and in-person visits.
Initially, only freight forwarders and their customers can use the system, but Maqta plans to expand access to the rest of the trade community.
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