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Blockchain to Pilot Trade Between Antwerp and Abu Dhabi Ports

The international trade and trade finance business is getting revitalized by the robust blockchain technology, though many projects are still under experimentation stage, quite a few are under pilot phase. We recently reported that the Hong Kong monetary authority had collaborated with some banking consortium to deploy newly invented blockchain technology for trade finance service advancement. 

A subsidiary firm of Abu Dhabi Ports has collaborated with Belgium’s Port of Antwerp for a blockchain pilot intended to simplify and expedite international trade services.

The proof-of-concept (PoC) test would be piloted by Maqta Gateway with its own blockchain ecosystem, Silsal likely to discourse gaps and inefficiencies in the shipping industry and to bring-in mobility, connectivity & transparency between importers and exporters.

The pilot test is likely to aid the shipping firms in its trade documentation between the United Arab Emirates and Belgium by providing entire cargo visibility and streamlining trade flows and supply chains.

This experimentation likely to probe as to how best it could be scaled up blockchain systems in the gamut of overseas trade, and renders opportunity for transaction security and lower integration costs as well. The desired project is expected to be on-board by the Q4’2018.

While Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, mentioned: “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 blockchain technology implementation in trade finance isn’t new, the global banking giant HSBC has already clarified back in May as to how the world’s first commercially viable blockchain trade finance transaction on the Corda platform was successfully executed, that was developed by the R3 blockchain consortium. Other banking players, such as, Deutsche Bank and Rabobank have also teamed up to launch a trade finance platform.

Usually, the trade finance business, has been stereotypically low risk but high collateral in nature, but was not excused from the 2008 GFC (Global Financial Crisis). Regardless of LCs, Collections or open account methods of methods, the issues of securing and enforcing credible commitments across borders makes trade finance more vulnerable during FX turmoil.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 180 levels (which is bullish), while hourly USD spot index was at 24 (mildly bullish), while articulating (at 04:51 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex

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