Dubai Chamber of Commerce and Industry (DCCI) has announced that it has signed a memorandum of understanding (MoU) with DP World UAE Region to collaborate on the so-called Digital Silk Road project. This will create a smart digital platform using blockchain technology to increase the transparency and efficiency of supply chains through an automated process. The platform also aims to reshape the global trading system and eliminate trade barriers such as high costs, lack of transparency, diversification of legislation and lack of security in business transactions. Under the terms of the agreement, Dubai Chamber and DP World will form a joint team which will be tasked with implementing the project.
Commenting on the announcement, H.E. Hamad Buamim, President and CEO of DCCI, said the Digital Silk Road aims to transform the way Dubai trades with the world. He suggested that the new digital platform will offer a number of competitive advantages and benefits to companies in Dubai, including lower trade costs, faster delivery of goods, seamless trade processes and enhanced security and transparency. Buamim added, “We look forward to working with our partners to develop a game-changing digital platform that will drastically improve and simplify trade processes and procedures.”
Dubai Customs will be as a key partner for the project and will support the development of the platform’s integrated system for trade procedures. Once operational, the platform will enable users to track trade transactions, reduce transaction time and enable digital authentication in an encrypted and secure manner.