Dubai Using Blockchain to Find ‘Happy Place’ in World Economy
Dubai is doing everything in its might to secure its rightful place in the world economy using the blockchain technology to streamline processes in the global trading system.
Together with the Dubai Future Foundation, Dubai Chamber of Commerce and Industry (DCCI) crafted the Digital Silk Road project aimed at removing major intricacies and weaknesses seen in the current global trading setup.
The project shall utilize blockchain technology in an encrypted manner to develop a secure, advanced, and environmental-friendly platform. This will overcome hurdles including high fees, insufficient security in business dealings, and diversification of legislation.
“It enables devices to interact directly with each other and improves the knowledge of assets and liabilities, as well as the possibility of creating applications such as smart contracts, digital portfolios, safe digital transfer of assets and information,” Khaleej Times, an English newspaper in the United Arab Emirates, said in its report.
Essentially, the project wants to improve transparency of supply chains through digital transformation and process automation, allowing businesses to fine-tune the efficiency of their operations, transactions, and lower the trade of fictitious products.
This is one of the Dubai 10X initiatives revealed by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of the foundation’s board of trustees during the World Government Summit in February this year.
In a nutshell, Dubai 10X revolves around “smart and sustainable city” and “pivotal hub in the global economy,” which, according to DCCI President and Chief Executive Officer Hamad Buamim, will reinforce Dubai’s standing as one of the most vital business hubs in the world.
“The Dubai 10X approach offers a way to overcome all the challenges and current constraints facing the trade sector by introducing a unique system. 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. We can avoid all obstacles and unnecessary procedures and enhance our role as a trading chamber by using the latest technologies such as blockchain,” Buamim said.
Some entities in the crypto industry is lauding the country for undertaking blockchain-oriented projects in a prominent manner. The project, which sounds like Silk Road, has nothing to do with the dark web marketplace or peer-to-peer trading.
Generally speaking, blockchain can assume a critical role in reshaping global trading. The foundation hopes such a project will create a positive impact on the global crypto industry.
Established in 1965, the DCCI is a non-profit organization tasked to support and protect the interest of business in Dubai. The chamber was established by the virtue of a decree promulgated the late Ruler of Dubai, Sheikh Rashid bin Saeed Al Maktoum, who realized how a chamber of commerce could shape the national economy.
Meanwhile, the chamber recently sealed the deal for co-hosting the World Chambers Congress three years from now, besting other institutions including the Ethiopian Chamber of Commerce, the Iran Chamber of Commerce, and the Kenya National Chamber of Commerce and Industry.