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The customs authorities of Saudi Arabia have concluded a pilot project linking its FASAH cross-border trading platform to the blockchain platform of IBM and Maersk TradeLens. A press release dated 26 December reported the conclusion of the pilot.
TradeLens, which IBM and Maersk created in August of last year, is intended to form a basis for digital supply chains and launched with nearly 100 entities willing to take part in the pilot project.
For Saudi Arabia, the move is part of the authorities' desire to expand the country's economy through the Vision 2030 initiative.
"The pilot is in line with our strategy that aims to facilitate trade and improve safety levels, while working to establish the kingdom as one of the world's leading logistics hubs," Saudi Governor Ahmed Alhakbani said, adding:
"The recent driver who connects FASAH to the TradeLens platform clearly shows that we are on the right track".
In line with its neighbor, the United Arab Emirates (United Arab Emirates), Riyadh has stepped up its efforts to integrate state blockchain technology in recent months.
In December, a partnership was launched to develop inter-bank blockchain tools for Islamic finance, while the Kingdom also announced that it will join the United Arab Emirates in creating a joint cryptocurrency for inter-bank transactions.
In October, the Canadian border agency also revealed that it would pilot TradeLens to simplify its customs procedures, with the Spanish Port Authority in Valencia several weeks later.
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