Dubai
IBM has announced a blockchain initiative with Dubai Customs and Dubai Trade in a bid to advance Dubai’s government blockchain strategy.
As part of the initiative, IBM is also working with leading businesses including Emirates NBD, du, Aramex, and Banco Santander.
The US company is exploring the use of blockchain for a trade finance and logistics solution for the import and re-export process of goods in and out of Dubai, allowing key stakeholders to receive real-time information about the state of goods and the status of the shipment.
“IBM believes that blockchain will do for transactions what the internet did for information. Dubai is at the forefront of adopting this transformative technology as government agencies and businesses realise the need to have a shared secured ledger that establishes accountability and transparency while streamlining business processes,” said Amr Refaat, General Manager, IBM Middle East and Pakistan.
He said that the collaboration with leading Dubai organisations across different sectors in trade finance and transportation will showcase how blockchain will revolutionise the way businesses interact with one another and with their customers and suppliers.
In February 2016, the Dubai government declared its interest to position itself as a blockchain hub and embrace the technology. As part of this declaration, the Dubai Museum of the Future Foundation established the ‘Global Blockchain Council’ in which IBM is a member. Further, Dubai plans to execute all its transactions on a blockchain by 2020, as a part of its “Dubai Blockchain Strategy.”
Ali Sajwani, Group Chief Information Officer, Emirates NBD Group, said that the bank has always had a culture of innovation and several of the bank’s most successful products and features can be attributed to this forward-thinking mindset.
“We are excited to participate in the ecosystem on streamlining the trade finance process using the futuristic Blockchain technology, which has the potential of transforming the way we conduct business between heterogeneous entities,” he said.
By using blockchains for contract management, issues such as the failure of any party to meet a deadline or complete a task, for example, could be more immediately visible. Transparency derived from contract management on blockchains could improve performance management. Governments will be able to use blockchains to explore new business models for providing services to citizens beyond the limits of current technology. These models can be used to improve the efficiencies of current services, while expanding the ability to provide new services.
