Dubai Customs has recently introduced an advanced blockchain platform to enhance trade transparency and efficiency not only in Dubai but also in other countries. This move is part of Dubai’s broader efforts to boost non-oil trade and establish the Emirates as a global e-commerce center.
The new blockchain platform is set to revolutionize commercial operations by streamlining customs clearance processes, reducing paperwork, and ultimately leading to significant cost savings. By simplifying procedures and saving time and effort for all parties involved, this technology is expected to expedite commercial transactions and enhance overall efficiency.
One of the key benefits of the platform is its ability to provide secure and tamper-proof data sharing, which will help build trust and visibility across the supply chain. This, in turn, will contribute to more transparent and reliable business relationships. The platform’s focus on transparency aligns with Dubai’s ambitious blockchain strategy for digital transactions.
The initiative to launch this blockchain platform was led by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai. Sultan Ahmed bin Sulayem, Chairman of the Ports, Customs, and Free Zone Corporation, expressed pride in the new platform, emphasizing its role in enhancing the efficiency of business operations in Dubai and reflecting the city’s vision to become a global hub for trade and logistics.
Collaboration is a key aspect of this initiative, with the platform supporting Dubai Customs and facilitating collaboration with other government entities. Atiq Almehairi, Executive Director of the Customs Development Division at Dubai Customs, highlighted the platform’s efficiency gains and emphasized how blockchain technology’s transparency will bolster trust throughout the commercial process.
Moreover, 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 is in line with the Emirates Blockchain Strategy 2021, which aims to transition 50% of government transactions to blockchain technology.
Overall, the introduction of this blockchain platform in Dubai is expected to streamline procedures, enhance transparency, and foster trust within the trade ecosystem. It represents a significant step towards achieving Dubai’s goal of becoming a global leader in trade and logistics.
