Saudi Customs witnessed the arrival of the first shipment powered by the blockchain technology, a statement said last week.
The cargo departed Dammam Port in Saudi Arabia bound for Rotterdam while its data and documents were handled by all parties to the shipment on a national single window, FASAH, the statement added.
This is the second milestone within the pilot program launched by customs last year, in collaboration with TradeLens. The aim is to transform the shipping industry in the region to become faster, more transparent and efficient in its real-time operations.
TradeLens, co-developed by Maersk and IBM, uses blockchain technology as the foundation for digitizing supply chains, enabling increased industry innovation, reduced trade friction and, ultimately, increased global trade, the statement maintained.
The platform-based solution is empowering multiple trading partners to collaborate by establishing a single shared view of a transaction and its related documents without compromising details, privacy or confidentiality.
“We hope our pilot program will stand the test of time to include other ports as well, and not just the route of exporting, but importing also,” Ahmed Al-Hakbani, Governor of Saudi Customs, said.
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