Saudi Arabia Authorities Finalize IBM TradeLens Blockchain Trading Project with FASAH Platform

As per a new press release issued by the Customs Authorities of Saudi Arabia, the government body has successfully completed the testing of a pilot scheme that will link the country’s native cross-border trade platform FASAH with IBM and Maersk’s TradeLens blockchain platform.

For those not aware of what ‘TradeLens’ is, it is essentially a service that was devised by IBM and Maersk (earlier this year in August) to serve as the foundational base for a whole host of digital supply chains (in order to streamline international barter and exchange). It is also worth mentioning that as things stand, there are more than 100 financial entities across the globe that have shown a keen interest in taking part in the above mentioned pilot program.

Saudi Arabia Seems To Be On A Roll

This latest operation is part of the Saudi government's efforts to expand the nation’s economy by the year 2030. According to an initiative aptly titled ‘Vision 2030’, the Saudi Customs governor Ahmed Alhakbani was recently quoted as saying:

“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. The recent pilot to link FASAH to the TradeLens platform clearly illustrates that we are on the right track.”

In addition to all this, it is also worth remembering that these efforts lie in conjunction with similar steps taken by the United Arab Emirates (UAE) government to ramp up its efforts to integrate blockchain technology into its state-level service protocols.

Final Take

It is worth pointing out that earlier in December (2018), a whole host of different Islamic nations came together to facilitate the development of niche’ ‘interbanking blockchain tools’ that will lie in accordance with the beliefs and practices of the Muslim faith.

Similarly, a spokesperson for the Saudi government also announced recently that the nation was coming together with the UAE so as to create a joint cryptocurrency for facilitating faster interbank transactions (between the two nations).

Last but not least, last October, Canada’s Border Agency released a circular stating that it was going to pilot a TradeLens-based project in order to ‘streamline its customs procedures’. This news was followed by a similar announcement wherein the Port Authority of Valencia too stated that it would be making use of Tradelens to simplify its internal operational protocols.

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Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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