Saudi Arabia and IBM will apply blockchain to customs tracking

03 Jan, 2019
by Alberto Arnaldo
News
Saudi Arabia and IBM will apply blockchain to customs tracking

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%.

Riyadh does not seem to be willing to stay behind its neighbors, who have taken several significant steps lately in blockchain implementations. The linkage of Fasah with TradeLens aims to provide improved immutability, traceability, reconciliation, auditability and compliance.

Read more: UAE and Saudi Arabia to launch joint cryptocurrency

Saudi officials seem to have their eyes set into transforming the kingdom in a leading regional and global logistics hub.

With their inclusion in the TradeLens project, they will join other leading operators such as the ports of Rotterdam, Hong Kong, Bilbao or Halifax.

Read more: United Arab Emirates looking to introduce ICO regulations next yearDubai is becoming friendly with Fintech. Will the UAE become the next crypto hub?

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