Dubai Set to Launch Digital Silk Road Drive to Transform Global Trade
The Dubai Chamber of Commerce and Industry (DCCI) in association with the Dubai future foundation (DFF) is preparing to launch a revolutionary tech initiative called the digital Silk Road project. The project which is slated to begin in the next few months aims to leverage blockchain technology to address the global trading system’s key issues and challenges.
According to the Dubai Chamber, the project will focus on digital transformation and comprehensive process automation to support transparency in supply chain management. The digital Silk Road will assist businesses to master tech-oriented skills, speed up transactions, enhance security and reduce trade in counterfeit goods.
Digital silk road is part of a wider initiative called Dubai 10X, which was launched by Sheikh bin Mohammed bin Rashid AI Maktoum, Crown Prince of Dubai. The goal of the Dubai 10X strategy is to put the city ahead of the world in terms of technology adoption, creativity and lifestyle.
The digital Silk Road project rotates around a complex but clever block chain-powered platform that would address common trade issues like high costs and lack of clarity and security.
Under the new project, DCCI is partnering with Dubai customs and international partners from the US and the Netherlands.
Speaking on the Dubai 10X strategy, Hamad Buamin, president and CEO of DCCI said, “The Dubai 10X approach offers a way to overcome all the challenges and current constraints facing the trade sector by introducing a unique system.”
With regards to the Digital Silk Road strategy, Buamim said, “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 block chain.”
The new platform allows the monitoring of multiple transactions and their authentication with the help of encryption mechanisms.
It is most likely that Dubai has the most blockchain friendly government the world over. Last year, it reported that it intended to become the world’s first block chain powered government by 2020.