Through a recent communiqué that was issued by the customs authorities of the Arab country, the government agency has successfully completed the testing of a pilot scheme with which it will be linked to the country’s native cross-border trade platform, FASAH, with IBM’s and Maersk’s TradeLens block chain platform.
This platform differs from the bitcoin blockchain and other block chains that are catalogued “without permission” as ethereum and zcash, IBM and Maersk are requesting payments in order to access the distributed TradeLens ledger.
However, pricing for access to the blockchain has not been developed, but it is likely to be set to industry standards by charging per container. On the other hand ClearWay’s intelligent contract functionality will take a separate price.
The Saudi government carries out this operation as a whole, as part of efforts to expand the Arab nation’s economy by 2030. Also these efforts are made in conjunction with the steps and advances that the government of the United Arab Emirates (UAE) has taken as part of its strategy to increase its efforts to integrate blockchain technology into its service protocols at the state level.
“TradeLens” as we well know is a service designed by the company IBM and Maersk, which serves as the fundamental basis for a whole series of digital supply chains (in order to rationalize international trade). Barter and exchange). It is also important to mention that, as things stand, there are a large number of financial institutions worldwide that have shown great interest in participating in the pilot program mentioned above.
It is important to note that in early December (2018), many different Islamic nations organized themselves to facilitate the development of the “niche” with “inter-bank block chain tools” that will be in accordance with the beliefs and practices of the Muslim faith.