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The immutable nature of the blockchain has led many to believe that one of the ways in which blockchain technology will change the world will be the fact that it can be applied to the logistics sector, where goods must be constantly monitored for maximum productivity and profitability. It seems as though the Saudi government is agreeing.
Customs trial
In particular, it has recently been reported that the Saudi customs are exploring how blockchain can be used. The project will effectively connect the current tracking platform, Fasah, to the blockchain-based platform powered by Tradelens. If implemented, Saudi Arabia would be the first in the region to use the blockchain for its customs agency.
Cryptocurrency enthusiasts may recognize the name "Tradelens". This is because the blockchain-enabled shipping solution was developed by the IBM technology giant and the maritime giant Marsk, and has already done so significant progress in relation to partners and ports. In August of this year, Tradelens boasted that "over 154 million events" were captured on its platform, and that number was "growing one million a day".
Immense potential
Tradelens believes it will destroy the entire shipping industry and increase productivity and transparency within the industry. Specifically, he states that he can reduce the transit time of shipments up to 40%. Over 90 organizations have already joined the platform in just six months from launch, leading many to believe it will be the industry-leading platform for the foreseeable future.
Reportedly, Saudi Arabia is trying to become a logistics center for shipping and monitoring in general. A recent article by Arab News he has declared specifically: "In a drive to diversify its economy, Saudi Arabia is determined to increase the role of the private sector in the development of its transport infrastructure, as well as in the operation of sea ports, railways, airports and related supplying".
