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According to a report by RTT News, Saudi Arabia is currently experimenting with tracking shipments on the blockchain. The project will link the existing Saudi Customs shipments tracking platform, known as Fasah, to a block-block based on TradeLens.
Helping the pilot will be the Saudi customs IT partner, Tabadul. The company based in Riyadh has helped integrate the Fasah platform with TradeLens.
Can Blockchain technology increase customs efficiency?
The TradeLens platform is expected to save thousands of total costs for customs agencies that choose to use it. The huge logistics company in Denmark Maersk and IBM have created the trackchain shipping tracker solution with the aim of moving the global supply chain around the world to the blockchain. The same TradeLens was announced last August.
The Saudi pilot expects Fasah's integration with the TradeLens platform. Fasah is a pre-existing platform that connects all those involved in the nation's cross-border trade. This includes both public and private bodies.
There is hope that the use of blockchain technology will lead to greater efficiency in different areas of the shipment tracking process. The integration of TradeLens with Fasah will lead to greater traceability and reduced control capacity. This should lead to big savings for Saudi customs. In fact, it is said to be able to reduce shipping times by a massive 40 percent.
According to the RTT News report, Saudi Arabia hopes to position itself as a logistics hub through its early use of blockchain in supply chain monitoring.
Although the only customs agency in the Middle East working to integrate blockchain technology with tracking shipments, Saudi Customs is just one of over 90 organizations around the world experimenting with the TradeLens platform. Evidently, the interest in exploring the advantages of technology is remarkable, especially considering that the platform is not yet available on the market.
Currently, TradeLens includes over 20 port operators and terminal operators. These represent over 230 maritime portals or seaports from all corners of the globe. Also the creation of the platform are customs authorities, freight forwarders, freight forwarders, suppliers of third party logistics services and shipping lines.
Continue Enthusiasm for Blockchain in Logistics
The TradeLens platform launched last August is designed to bring huge savings in terms of time and money to those who integrate it with existing customs procedures. However, it is not only greater efficiency that the logistics industry has enthused about the implications of cutting-edge technology.
Last year, NewsBTC reported the British Food Standards Agency pilot to monitor meat using a distributed ledger. The idea here is to be able to track every cut of meat from grazing to any dish. In addition to greater efficiency, this would help to reduce the cases of fraud in which the meat is passed off as being of better origin and therefore worthy of a higher price on the market.
Likewise, NewsBTC also reported on one of the world's largest luxury goods producers and its plan to trace precious metals and diamonds using a blockchain. Richemont believes that technology will help its customers make sure that the company's products and the materials from which they are created are authentic.
Related reading: Porsche uses the Blockchain platform to close $ 170 million loan
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