The joint initiative that the Dubai Chamber of Commerce and Industry (DCCI) recently entered in promotes various blockchain trade solutions.
According to the July 1 press release, the memorandum of understanding (MoU) that the DCCI signed and entered with two entities the Perlin, Singapore-based blockchain startup, and the International Chamber of Commerce (ICC) entered and signed enables various blockchain solutions to be implemented.
Actually, the world’s first chamber of commerce to offer the Centre of Future Trade (CoFT) and ICC developed tools is DCCI.
The agency also stated that exclusive rights were given to DCCI to offer CoFT blockchain trade solutions in both the Middle East and Africa region under the MoU agreement. With these solutions, trade processes will be improved by making the supply chains more transparent and minimizing the inherent risks.
Digital Silk Road — a recently launched platform — will be supported by trade solutions. The platform aims to use blockchain solutions to eradicate any primary vulnerabilities existing in the global trading system.
The DCCI and the Dubai Future Foundation Co-established the Digital Silk Road project forms part of the Dubai 10X municipal development plan.
In April, reports emerged that ICC – which features 45 million businesses, including as PayPal and Amazon – would roll out its blockchain-powered technology with the help of Perlin.
On June 10, Etisalat — the Land Department and telecoms firm of Dubai — entered into an MoU with the intention of adopting smart government standards and blockchain that facilitates real estate transactions digital contracts and paperless management.