According to a press release on Dec. 26, the customs authorities in Saudi Arabia has completed their pilot scheme which will link its cross-border trade platform FASAH with IBM and Maersk’s TradeLens blockchain platform.
To accomplish the Vision 2030 goal, this news provides a stepping stone to grow Saudi Arabia’s economy.
Saudi Customs governor Ahmed Alhakbani commented saying:
“The pilot comes in line with our strategy that aims to facilitate trade and enhance security levels while working to establish the kingdom as one of the world’s premier logistics hubs.”
“The recent pilot to link FASAH to the TradeLens platform clearly illustrates that we are on the right track.”
Saudi Arabia has not been the only Gulf country involved in adopting blockchain technologies.
Their neighbors, the United Arab Emirates have been very active in the blockchain space. Dubai is on course to establish its very own Cryptocurrency Exchange. Al Hilal Bank of Abu Dhabi has used blockchain for the resale and settlement of an Islamic Sukuk.
TradeLens is a blockchain-based company aiming to create an efficient, predictable and secure exchange of information to foster trust across the global supply chain. They have already been adopted in various countries such as Hong Kong and Canada.
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