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Dubai Customs Launches New Blockchain Technology to Increase Trade Transparency
Dubai Customs has introduced an advanced blockchain platform to improve transparency and efficiency in trade operations in Dubai and other countries.
This new blockchain platform will enhance Dubai’s business environment by improving efficiency in the supply chain and also contribute to the Emirates’ efforts to increase non-oil trade. It also aligns with From Dubai ambitious blockchain strategy for digital transactions.
The platform promises many benefits, including simplified customs clearance procedures, reduced bureaucracy and significant cost savings.
Technology will speed up business transactions by simplifying procedures, saving time and effort for all parties involved.
This platform also increases 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 trustworthy 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 hub.
The entire plan was initiated by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.
“We are proud to launch the new blockchain platform, which represents a quantum leap in improving the efficiency of trade operations in Dubai. This innovation reflects our vision of making 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 improve Dubai’s business environment, making it more efficient, streamlined and transparent.
Atiq Almehairi, Executive Director of Customs Development at Dubai Customs, highlighted the efficiency gains of the platform. He stressed that the inherent transparency of blockchain technology would enhance trust throughout the trade 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 is in line with Emirates Blockchain Strategy 2021, which aims to transition 50% of government transactions to blockchain technology. The platform’s ability to streamline procedures, improve transparency and foster trust is expected to benefit stakeholders in the trade ecosystem.