Blockchain Will Rewrite The History Of World Trade – Dubai Chamber of Commerce

Announcements, Blockchain | May 31, 2018 By:

The Dubai Chamber of Commerce & Industry (DCCI) and the Dubai Future Foundation (DFF) have unveiled a new blockchain project designed to eliminate global trading system difficulties.

Called Digital Silk Road, the project is a part of the Dubai 10X, an initiative to place Dubai government entities 10 years ahead of all global cities across various sectors. The project aims to reshape the global trading system through a secure, advanced and environmentally friendly platform using blockchain technology. The goal is to overcome current trade barriers such as high costs, lack of transparency, diversification of legislation and lack of security in business transactions.

The blockchain platform will reduce transaction time and enable digital authentication in an encrypted and secure manner. It will enable users to create applications such as smart contracts and digital portfolios. The platform will be offered to entrepreneurs to enhance their innovative capabilities, accelerate business transactions, increase security and reduce trade in counterfeit goods, and provide reliable information to parties to enrich the experience of customers.

Hamad Buamim, President and CEO of DCCI, said that the Digital Silk Road project will reinforce Dubai’s position as one of the most important business centers in the world.

“We have been able to develop a project that is aligned with the vision of the initiative and meets Dubai’s need for a platform that facilitates more cost-efficient, safer and faster trading,” said Buamim. “We can avoid all obstacles and unnecessary procedures and enhance our role as a trading chamber by using the latest technologies such as blockchain. We believe that the Digital Silk Road will be a competitive project that will achieve the best records and rewrite the history of world trade.”

Buamim added that they are working with global partners, including entities from the Netherlands and the United States, to implement the initiative with the aim of starting the project in the next eight months.