Maqta Gateway LLC, an Abu Dhabi Ports subsidiary, says it has reached the next phase of its “Silsal” project, which is the first international blockchain pilot testing project in partnership with the Port of Antwerp, Belgium.
Designed to provide a seamless and secure link between stakeholders across the trade community using the electronic ledger system, Silsal is considered to be the first blockchain solution developed locally by an Abu Dhabi-based entity.
“This is an important moment for us as we prepare to implement the first applied blockchain solution of its kind between Abu Dhabi and the world. Our technology experts at Maqta Gateway are working with world-class international partners, such as the Port of Antwerp, to deliver fast, reliable, and secure trade transactions through rigorous development and testing programs,” Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, said in a press release.
In other news, NSW Land Registry Services — the operator of land titling and registry operations in Australia’s New South Wales — is launching a proof-of-concept (PoC) trial to find out if it wants to use blockchain to track property transactions.
“It will provide a more complete and comprehensive view of land rights, restrictions, and responsibilities, which will streamline decision-making for government and land sector actors, provide increased information transparency, and reduce data duplication,” explained ChromaWay.
And cryptocurrency exchange Bitfinex has introduced a new depositing system for sending fiat currencies to its platform. The news comes after bitcoin was hit with an $18 billion market loss in just three days due to rumors that Bitfinex would end all deposits from fiat currencies.
The new process will still allow global KYC-verified users to initiate deposits across USD, GBP, JPY and EUR. The minimum fiat deposit amount on will also stay at $10,000 (USD) with a 0.100 percent processing processing fee.
“We believe this system to be significantly more durable in the face of sustained attacks by our competition and their supporters. Ongoing campaigns against us will only result in our company becoming stronger and better,” the company wrote in a blog post.