Saudi Arabia Completes IBM TradeLens Pilot for Cross-Border Blockchain Trade

TradeLens, which IBM and Maersk created in August last year, is intended to be a basis for digital supply chains and launched with almost 100 entities willing to take part in the pilot.

For Saudi Arabia, the move forms part of authorities’ desire to expand the country’s economy via the Vision 2030 initiative.

“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,” Saudi Customs governor Ahmed Alhakbani commented in the release, adding:

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

In line with its neighbor, the United Arab Emirates (UAE), Riyadh has stepped up activities aimed at integrating blockchain technology at state level in recent months.

In December, a partnership launched to develop interbank blockchain tools for Islamic finance, while the Kingdom also announced it was joining the UAE in creating a joint cryptocurrency for interbank transactions.

In October, Canada’s Border Agency also revealed it would pilot TradeLens to streamline its own customs procedures, with Spain’s Port Authority of Valencia following several weeks later.