Saudi Customs integrates cross-border trade platform FASAH with IBM-Maersk blockchain solution “TradeLens”
【Published by 8btc】
According to the report of newsbtc on Jan 1, Customs authorities in Saudi Arabia have concluded a pilot scheme linking its cross-border trade platform FASAH with IBM and Maersk’s TradeLens blockchain platform. For Saudi Arabia, the move forms part of authorities’ desire to expand the country’s economy via the Vision 2030 initiative.
“TradeLens” is essentially a service that was devised by IBM and Maersk (earlier this year in August) to serve as the foundational base for a whole host of digital supply chains (in order to streamline international barter and exchange). It is also worth mentioning that as things stand, there are more than 94 financial entities across the globe that have shown a keen interest in taking part in the above mentioned pilot program. There have been 154 million shipping records.
FASAH’s partnership with TradeLens aims to “ensure stability, traceability, auditability and compliance with cross-border goods trading services.” Blockchain is a key technology to achieve these goals. Saudi Customs has been case study to provide solution for a fragmented peer-to-peer business ecosystem, and addressing the issues inherent in blockchain technology, such as scalability and interoperability in the statement, Saudi Customs said:
“As an early adopter of blockchain technology, Saudi Customs further said that it is testing blockchain technology for developing a “real solution for a fragmented peer-to-peer business ecosystem” which will address existing issues such as scalability and data interoperability among others. It said that it is trying to better understand the decentralized nature of this technology and preparing to migrate away from the traditional platform technology.
FASAH is Saudi Arabia’s national platform that connects all the stakeholders, both public and private, involved in cross-border trade.
According to several reports released over the last hours, Saudi Arabia has completed the pilot implementation of their existing customs tracking system, Fasah, with the IBM and Maersk blockchain supply chain product TradeLens, which promises to reduce transit times of shipments by as much as 40%.
TradeLens currently consists of more than 20 port and terminal operators, representing more than 230 seaports around the world. At the same time, customs authorities, freight forwarders, shippers, third-party logistics providers and shipping companies are also participants in it.
■ Source: ChinaByte.com
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