- Saudi Customs has integrated its cross border trade platform FASAH with TradeLens.
- TradeLens seeks to digitize and streamline processes in the global supply chain.
- Saudi Customs aims to transform the country into a global logistics hub.
- Saudi Customs is currently testing the use of blockchain.
Saudi Customs has integrated its cross border trade platform FASAH with TradeLens, a blockchain-enabled global shipping solution jointly developed by Maersk and IBM, reports the BlockTribune.
What is the goal?
First announced in January of this year, TradeLens seeks to digitize and streamline processes in the global supply chain to deliver higher efficiency and lower cost. The platform brings together various parties to support information sharing and transparency, and spur industry-wide innovation.
Who are the parties involved?
The TradeLens ecosystem currently includes more than 20 port and terminal operators, representing about 234 marine gateways or seaports on five continents. FASAH is Saudi Arabia’s national platform that connects all the stakeholders, both public and private, involved in cross border trade. The goal of the TradeLens integration is to ensure immutability, traceability, reduced reconciliation, auditability, and compliance.
What are the expected benefits?
Through its adoption of blockchain, Saudi Customs said that it aims to be the first in the region that is able to provide remarkable customs services that will see the country become a global logistics hub.
“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,” said Ahmed Alhakbani, Governor of Saudi Customs. “The recent pilot to link FASAH to the TradeLens platform clearly illustrates that we are on the right track.”
How developed is this new technology?
As an early adopter, Saudi Customs said that it wants to educate, experiment and extend to the broader ecosystem by setting realistic expectations, experimenting, understanding the decentralized nature of this technology and preparing to migrate away from the traditional platform technology. However, the agency stated it was currently “testing” the use of blockchain.
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Source: The Block Tribune