MVC Global, a tech startup of Bahrain, and Cox Logistics Group, the logistics firm, will jointly launch a SmartHub logistics warehouse to improve the distribution of pharmaceuticals across the Gulf Cooperation Council.
On April 27, it has been reported by Gulf Today that the blockchain logistics warehouse platform will provide built-in Track & Trace and IoT sensors and a smart contracts-based SmartPass feature geared to ensure compliance with customs clearances.
In addition, users can deploy the platform for supply chain finance and international payments settlements.
However, the developers state that the SmartHub is able to speed up and improve both cold and non-cold storage distribution of food products and medical supplies in the region, and significantly cut the time spent on paperwork, administration, and bureaucracy.
#Blockchain #Technology Blockchain-Based 'Smart' Warehouse to Improve Customs Clearances https://t.co/O2lptrqh7p | https://t.co/9AaTTqXITl pic.twitter.com/9yUd1rRpZU — eStream Studios (@eStream_Studios) April 27, 2020
Husain Rajab, the Chief Investment Officer at the Bahrain Economic Development Board (EDB), said:
“The project aims to build on Bahrain’s world-class digital infrastructure, which would enable the Kingdom to become a major regional logistics hub.”
Thus, EDB stated:
“The Kingdom’s pioneering, agile and flexible regulatory framework allows it to regulate emerging technologies — such as open banking and cryptocurrencies — in a way other jurisdictions simply cannot.”