Dubai Customs launches new blockchain technology to boost trade transparency
Dubai Customs has introduced an advanced blockchain platform to improve transparency and efficiency in commercial operations within Dubai and other countries.
This new blockchain platform will enhance Dubai’s business environment by improving efficiency in the supply chain while also contributing to the Emirates’ efforts to boost non-oil trade. It also aligns with Dubai’s ambitious blockchain strategy for digital transactions.
The platform promises many benefits, including streamlined customs clearance processes, reduced paperwork, and significant cost savings.
The technology will expedite commercial transactions by simplifying procedures, saving time and effort for all involved parties.
This platform also enhances efficiency by streamlining processes and reducing the likelihood of errors. It offers secure and tamper-proof data sharing, which builds trust and visibility across the supply chain and contributes to more transparent and reliable business relationships.
The blockchain platform is part of Dubai’s broader efforts to boost non-oil trade and establish the Emirates as a world-class e-commerce center.
This entire plan was initiated by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai.
“We are proud to launch the new blockchain platform, which represents a quantum leap in enhancing the efficiency of business operations in Dubai. This innovation reflects our vision to make Dubai a global hub for trade and logistics,” said Sultan Ahmed bin Sulayem, Chairman of the Ports, Customs, and Free Zone Corporation.
Collaboration
The platform supports Dubai Customs and is a crucial tool for collaborating with other government entities. This cooperation aims to enhance Dubai’s business environment, making it more efficient, streamlined, and transparent.
Atiq Almehairi, Executive Director of the Customs Development Division at Dubai Customs, highlighted the platform’s efficiency gains. He pointed out that blockchain technology’s inherent transparency would bolster trust throughout the commercial process. The platform enables real-time tracking of goods, providing greater visibility into the supply chain and aiding efforts to combat fraud and counterfeiting.
This initiative aligns with the Emirates Blockchain Strategy 2021, which aims to transition 50% of government transactions to blockchain technology. The platform’s ability to streamline procedures, enhance transparency, and foster trust is expected to benefit stakeholders in the trade ecosystem.
