Dubai Customs has launched an advanced blockchain platform with the aim of improving transparency and efficiency in trade operations within Dubai and other countries.
The new blockchain platform will enhance Dubai’s business environment by improving supply chain efficiency and contribute to the UAE’s efforts to boost non-oil trade. It is also in line with Dubai’s ambitious blockchain strategy for digital transactions.
The platform promises to deliver a number of benefits, including simplified customs clearance processes, reduced paperwork, and significant cost savings.
Technology will speed up business transactions by simplifying procedures and saving time and effort for all parties involved.
The platform also enhances efficiency by streamlining processes and reducing the potential for errors. It also provides secure, tamper-proof data exchange, building trust and clarity across the supply chain and contributing 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 UAE as a global e-commerce hub.
The entire plan was initiated by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council.
Sultan Ahmed bin Sulayem, Chairman of Ports, Customs and Free Zone Corporation, said: “We are proud to launch the new blockchain platform, which represents a qualitative leap in enhancing the efficiency of trade operations in Dubai. This innovation reflects our vision to make Dubai a global hub for trade and logistics.”
cooperation
The platform supports Dubai Customs and is an essential tool for cooperation with other government entities. This cooperation aims to enhance the business environment in Dubai, making it more efficient, streamlined and transparent.
Ateeq Al Muhairi, Executive Director of Customs Development Sector at Dubai Customs, confirmed that the platform has achieved efficiency gains, noting that the transparency inherent in blockchain technology will enhance trust at all stages of the trade process. The platform enables real-time tracking of goods, providing greater visibility into the supply chain and helping in efforts to combat fraud and counterfeiting.
The initiative is in line with the UAE Blockchain Strategy 2021, which aims to transform 50% of government transactions into blockchain technology. The platform’s ability to simplify procedures, enhance transparency and boost trust is expected to benefit stakeholders in the trade ecosystem.