Dubai Customs has introduced a new blockchain platform designed to streamline supply chain operations within Dubai and across its borders.
Dubai Customs Use of Blockchain Technology
The customs department is exploring blockchain technology to enhance transparency and secure data sharing. Dubai Customs aims for the blockchain solution to enable secure data sharing, streamline processes, and reduce extensive paperwork for local supply chains.
The blockchain solution was launched as part of Dubai’s broader strategy to solidify its position as a leading “smart” city, as stated by the Dubai Media Office on July 8. Ahmed bin Sulayem, Chairman of the Ports, Customs, and Free Zone Corporation, highlighted that this innovation aligns with their vision to make Dubai a global hub for trade and logistics. He emphasized that the blockchain solution aims to streamline customs clearance and commercial transactions by simplifying procedures and saving time and effort.
Furthermore, the solution is expected to help supply chain transparency through secure and tamper-proof data sharing. This will reduce the extensive paperwork typically associated with these processes.
Dr Abdullah Busnad, Director General of Dubai Customs, expressed the goal of enhancing Dubai’s business environment to be more efficient, streamlined, and transparent. Blockchain technology has long been promoted as a solution for tracking real-time movements within supply chains and combating fraud and counterfeiting.
However, in 2022, academics argued that there are still challenges hindering widespread adoption. One popular blockchain supply chain platform, developed by computer manufacturer IBM, was terminated in November 2022. IBM and its partner, Danish logistics firm Maersk, cited a lack of “global industry collaboration” as a primary reason for discontinuing the TradeLens initiative. However, numerous other platforms and blockchains are currently operational.
For example, VeChain, launched in 2016, uses smart contracts for supply-chain tracking. Chainlink, established in 2019, is employed for supply-chain automation. Additionally, the Hong Kong-based Global Shipping Business Network (GSBN) has emerged as a significant player in blockchain-enabled supply chain solutions.
Final Words
The Dubai and the UAE governments have been investing time and resources in blockchain technology adoption. Lately, Dubai Customs has launched a blockchain platform. The main aim of incorporating blockchain is to reduce paperwork and push efficiency.
Frequently Asked Questions
Is blockchain available in Dubai?
Yes, Blockchain technology works in Dubai.
What is the name of the Dubai cryptocurrency?
DBIX, or DubaiCoin, is the name of Dubai cryptocurrency.
Which Country is using Blockchain?
Countries that use blockchain technology include the UAE, El Salvador, Saudi Arabia, etc.
Is Bitcoin legal in Dubai?
Yes, Bitcoin is legal in Dubai.
Which Bitcoin Wallet is best used in Dubai?
Bitcoin wallets you can use in Dubai include Coinbase Wallet, Binance Wallet, Trust Wallet, etc.
Can I withdraw Bitcoin in Dubai?
There is no substantial information on whether there are Bitcoin Wallets in Dubai.
Can I use Bitcoin to buy things in Dubai?
Yes, you can use Bitcoin to buy things in Dubai.
