An innovative blockchain platform has been implemented by Dubai Customs to increase efficiency and transparency in trade between Dubai and other nations.
 This new blockchain network will help Emirates’ ambitions to increase non-oil trade while enhancing Dubai’s business environment by increasing supply chain efficiency.
It also fits in with Dubai’s big plans for digital transactions using blockchain technology. The platform touted numerous advantages, such as expedited customs clearance procedures, less paperwork, and substantial cost savings.
By streamlining processes, the technology will speed up business transactions and save time and effort for all stakeholders. This platform also increases productivity by decreasing the possibility of errors and optimizing procedures.
It provides safe and impenetrable data sharing, fostering more transparent and dependable business partnerships by increasing trust and visibility throughout the supply chain.Â
The blockchain platform is a component of Dubai’s larger initiatives to increase trade outside of oil and position the Emirates as a global hub for e-commerce. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of the Executive Council of Dubai was the driving force behind the entire concept.
“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.Â
The portal is essential for working with other government agencies and assists Dubai Customs. This collaboration aims to improve Dubai’s business climate by making it more transparent, streamlined, and efficient.
Atiq Almehairi, Executive Director of Dubai Customs’ Customs Development Division, emphasized the platform’s efficiency improvements. He argued that blockchain technology’s intrinsic transparency would increase confidence across the business process.
The technology makes real-time tracking of commodities possible, which improves supply chain visibility and supports initiatives to thwart fraud and counterfeiting.
This program aligns with the Emirates Blockchain Strategy 2021, which intends to use blockchain technology to facilitate 50% of government transactions.
The projected benefits of the platform include fostering trust, improving transparency, and streamlining operations for the benefit of all parties involved in the trade ecosystem.
