ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Saudi Customs Officials Complete Blockchain Pilot For Cross-Border Trade

By

Nathan

Graham

WriterETHNews.com

The Kingdom of Saudi Arabia follows through on a commitment to facilitating cross-border trade on a blockchain.

On December 26, officials at Saudi Arabia's customs office announced the completion of a blockchain pilot that links the nation's cross-border trade platform, FASAH, to the blockchain-powered global shipping platform TradeLens. The pilot program is part of Saudi Arabia's Vision 2030, which aims to diversify the economy, develop its digital infrastructure, attract international investors, and become a logistical hub.

The TradeLens platform was unveiled in August 2018 by technology giant IBM and Danish shipping and logistics company Maersk. At that time, the program boasted 94 different participants and had already recorded 154 million shipping events. 

The intended result of the integration of FASAH with TradeLens is to "ensure immutability, traceability, reduced reconciliation, auditability, and compliance" for services related to trading goods across borders. Blockchain technology is a key component of achieving these goals; Saudi Customs has been exploring use cases for blockchain "to create a real solution for a fragmented peer-to-peer business ecosystem" and solve problems inherent to blockchain technology, such as scalability and data interoperability.

In its announcement, Saudi Customs expressed the desire to be a key player in the advancement of blockchain technology adoption:

"By being an early adopter to the blockchain, Saudi Customs is committed to educate, experiment and extend to the broader ecosystem by setting realistic expectations, experimenting, understanding the decentralized nature of this technology and preparing to migrate away from the traditional platform technology."

Last February, blockchain company Ripple announced it had agreed with Saudi Arabia's central bank to use its xCurrent software to facilitate the settlement of cross-border payments. 

Nathan Graham

Nathan Graham lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Saudi Arabia, Saudi customs or other Ethereum business and finance news.