Saudi Customs are already employing blockchain technology to track shipments, according to a news outlet, RTT News. Saudi’s official shipment tracking platform would be joining the growing TradeLens platform, employing greater efficient services via blockchain.
Blockchain; the Answer Once Again
Blockchain technology continues to find innovative uses across different fields, as it gradually appears to be a long-lost answer to long-standing problems revolving around efficiency and trust. Can distributed ledger technology improve Custom’s efficiency? This is one question Saudi Custom is eager to answer. Reports have that the organization is presently experimenting with the untraditional technology as it looks to improve on its already established tracking platform, also called Fasah.
Fasah is an already established and existing platform facilitating cross-border trades for both governments and private entities. A slid integration with the emerging TradeLens platform would see blockchain technology implemented on the global stage, and without question, Saudi Custom has promptly engaged the services of American giant, IBM.
IBM continues to pop on blockchain collaborations lately, and Saudi Custom is the latest Eastern Arab State to engage the services of the leading frontier of the blockchain, following United Arab Emirates’ integration of blockchain technology into their petroleum and exportation sector.
Likewise, Saudi Arabia had just introduced decentralized ledger technology into the sector as mentioned above, and its Customs are ready to walk in the same footprints.
Collaboration with TradeLens
The TradeLens platform, which came to the public’s fore last year August, has quickly risen through the ranks and is rapidly commanding adoption and attention. The platform is the product of IBM and Dutch giant, Maersk which created the blockchain tracker solution in a bid to migrate the world’s global supply chain to the blockchain. TradeLens is quickly becoming a well-embraced solution given its obvious edge over current traditional systems. The blockchain shipping and tracking platform has been lauded for its efficiency amongst other benefits.
Apart from the long admired immutable attribute of decentralized ledger technologies, Saudi Customs has been said to highlight some other key factors integral to their choice. Other immense advantages offered by the new blockchain platform include auditability, traceability, and compliance. The most impressive feat of all is TradeLens amazing efficiency which is capable of reducing a particular shipping time by an appalling 40 per cent. The non-issue of trust and elimination fraud has also won the hearts of not only Saudi Customs but a significant number of organizations too.
According to RTT News, more than 90 organizations, other than Saudi Customs, are now also using the TradeLens blockchain tracking platform.