What To Know
- Dubai Customs is using a new-generation blockchain technology in the hope of increasing the transparency and efficiency of the commercial processes in the emirate of Dubai and in the global markets.
- The technological platform of the blockchain fully serves Dubai Customs and contributes to cooperation with other branches of the government purposing to enhance the reliability, manageability, and transparency of the business climate in Dubai.
- Speaking the platform’s advantages Atiq Almehairi, the Executive Director of the Customs Development Division at Dubai Customs said that thanks to the use of the blockchain technology the data exchange process could be accelerated and at the same time, the overall level of trust in the further stages of the commercial process would be increased.
Dubai Customs is using a new-generation blockchain technology in the hope of increasing the transparency and efficiency of the commercial processes in the emirate of Dubai and in the global markets. This move is one of the measures within the framework of improving the business climate in Dubai and developing non-oil exports in accordance with the Emirates Blockchain Strategy 2021.
Key Features and Benefits
Enhanced Efficiency:
The new blockchain platform is said to have aimed at reducing the customs clearance procedures and also reducing paperwork and costs greatly. It is faster and less demanding for all the parties engaged in a specific commerce business.
Secure and Transparent:
The secure and tamper-proof sharing of data increases the credibility and transparency of each business link in the supply chain thus improving on the business relations.
Real-time Tracking:
It allows the tracking of the products at the same time making the supply chain more transparent and assisting in the fighting of frauds and fakes.
Strategic Impact
Launched by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai & Chairman of The Executive Council of Dubai, this is a step in line with the emirate’s plan to establish as a global city for commerce and trade.
The Chairman of the Ports, Customs, and Free Zone Corporation, Sultan Ahmed bin Sulayem said, “This new blockchain platform is a major step towards highly efficient business climate in Dubai. ”
Collaboration and Efficiency Gains
The technological platform of the blockchain fully serves Dubai Customs and contributes to cooperation with other branches of the government purposing to enhance the reliability, manageability, and transparency of the business climate in Dubai.
Speaking the platform’s advantages Atiq Almehairi, the Executive Director of the Customs Development Division at Dubai Customs said that thanks to the use of the blockchain technology the data exchange process could be accelerated and at the same time, the overall level of trust in the further stages of the commercial process would be increased.
Adherence to Emirates Blockchain Strategy 2021
It is also in accordance with the Emirates Blockchain Strategy 2021 that is aimed at reaching the 50% share of the blockchain technology in government transactions. It will help the platform’s users contribute to the continuous enhancement of procedures, increase transparency, and produce trust among the parties involved in Trade the various entities involved will accrue multiple advantages to the trade ecosystem – supporting Dubai’s endeavor to become a premier e-commerce hub.
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