The brand new initiative aligns with Dubai’s broader objectives underneath the Emirates Blockchain Technique 2021, aiming to transition 50% of presidency transactions to blockchain expertise.
Dubai Customs has reportedly launched a brand new blockchain-powered platform designed to reinforce business transparency and streamline cross-border e-commerce. This initiative, introduced on July 8, marks a big step towards establishing the Emirate as a worldwide e-commerce hub.
The newly launched platform is a part of Dubai’s broader technique for digital transactions, spearheaded by its Crown Prince, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.
Dubai’s Blockchain Platform Is Now Full
The Dubai authorities officially launched the cross-border blockchain-based platform in January 2020 through the “third UAE Customs Week 2020”. The platform, piloted in September 2019, consists of two phases. The primary part, already accomplished, focuses on facilitating e-commerce export transactions by way of couriers.
The second part, which has simply been finalized, will deal with the Emirates’ e-commerce imports, consolidating declarations, automating refunds, and decreasing charges.
Sultan Ahmed bin Sulayem, Chairman of the Ports, Customs, and Free Zone Company, stated that the brand new blockchain initiative will introduce a number of improvements within the area’s commerce and logistics sector, guaranteeing all exports and imports adjust to authorities laws.
International Hub for Commerce and Logistics
The newly launched platform is a part of broader efforts to spice up Dubai’s non-oil commerce and set up the emirate as a world-class e-commerce middle. By using blockchain expertise, the platform goals to streamline customs procedures, cut back transaction instances, and decrease prices.
It’ll additionally regulate items returns by linking merchants and customs methods to facilitate the method effectively.
“We’re proud to launch the brand new blockchain platform, which represents a quantum leap in enhancing the effectivity of enterprise operations in Dubai. This innovation displays our imaginative and prescient to make Dubai a worldwide hub for commerce and logistics,” stated Sulayem.
Moreover, the brand new blockchain-based platform will automate customs declarations and supply real-time visibility to make sure that all contributors have entry to correct and verifiable info.
Supporting Dubai’s Digital Technique
Commenting on the newest improvement, Dr. Abdullah Busnad, one other high customs officer, stated the platform’s launch won’t solely profit customs operations but additionally improve collaboration with different authorities entities. He highlighted that it’ll permit firms to trace items in real-time, making provide chains extra clear and serving to stop fraud and counterfeit merchandise.
The brand new initiative aligns with Dubai’s broader objectives underneath the Emirates Blockchain Technique 2021, aiming to transition 50% of presidency transactions to blockchain expertise.
At the moment, the Dubai authorities is collaborating with main logistics firms to check the platform and plans to develop its scope to incorporate extra stakeholders quickly.
