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Dubai Transitions to Paperless Trade: Blockchain Simplifies Customs for Quicker Trade

Dubai Goes Paperless: Blockchain Streamlines Customs for Faster Trade

Dubai Transitions to Paperless Trade Blockchain Simplifies Customs for Quicker Trade - Supply Chain Tribe by Celerrity

With the aim of streamlining company processes in the region—which is becoming more and more of a tech-friendly market—Dubai Customs has introduced a new blockchain platform. Customs is thinking about implementing blockchain technology to boost transparency and make data sharing more easy in a way that prevents tampering, in an effort to solve some of the challenges facing Dubai's corporate sector. The blockchain platform, which made its debut on Monday, intends to make technology-based logistics strategies and safe, effective, and economical planning possible.

The planned blockchain platform, according to Sultan Ahmed bin Salim, chairman of Dubai Free Zones and Customs, represents a "quantum leap forward" in enhancing trade and business processes in Dubai.

"We think that the adoption of cutting-edge technologies like blockchain will help improve the business environment and strengthen Dubai's position as a leading hub for global businesses," Salim stated in a statement.

Distributed ledger technology, commonly referred to as blockchain technology, holds data across several nodes. As a result, unlike with traditional servers, data is not centralized on a single server. This increases the difficulty of malevolent hackers accessing your network. Furthermore, data saved on blockchain networks gives your company transparency and a lasting legacy.

The usage of other blockchain features, such fraud protection and real-time goods tracking, is also being investigated by Dubai authorities.

Dubai has thought about utilizing blockchain technology before, though. The business unveiled a plan in May to elevate the area into one of Metaphor's top 10 digital economies.

In October 2023, Dubai made use of the Solana Foundation to supply blockchain technology to the Dubai Multi-Commodity Center (DMCC), a free economic zone, enabling businesses based there to assist the zone's growth.