Dubai eyes new blockchain solution for global trade [Video]

Dubai Customs has turned to blockchain technology to improve its internal processes while providing a veritable solution for enterprises involved in the supply chain vertical.

In its press release, Dubai Customs stated that the launch of the blockchain solution is an attempt to digitize commercial processes in the Emirates and the wider Gulf region. The solution is expected to assist enterprises in tracking items in transit while promoting transparency and reducing paperwork traditionally associated with the supply chain process.

On the other hand, the government sees multiple benefits of the launch apart from improving supply chain processes. For starters, Dubai Customs says the platform will be key in fast-tracking the customs clearance process via smart contracts, saving business enterprises a fortune in time and fees.

With a detailed description of items listed on distributed ledgers, customs officials opine that fraudulent cross-border activity and innocent errors will be minimal. Another perk associated with blockchain for officials is improved …