Dubai Chamber of Commerce Enters MoU To Facilitate Blockchain Solutions in Trading

According to a recent press release published on the 1st of July, 2019, the Dubai Chamber of Commerce and Industry (DCCI) has begun a joint initiative for promoting increased adoption of blockchain solutions to facilitate the process of trading. The DCCI essentially functions as the international business hub for Dubai and this move carries a great deal of significance for the local market.

The Chamber has signed an MoU or a Memorandum of Understanding with two other organizations, the first being the International Chamber of Commerce or the ICC, and the second being Perlin, s blockchain startup based out of Singapore.

With this move, DCCI became the very first chamber of commerce globally to start offering blockchain tools fashioned by the ICC and the he Centre of Future Trade, as part of a partnership announced by the ICC and Perlin back in the month of May this year.

As per the MoU, the DCCI will enjoy the exclusive rights to blockchain trade solutions developed by the Centre for Future Trade in the countries of the Middle East and Africa. These solutions will serve to improve upon the efficacy and efficiency of existing trading practices by heightening the transparency of all supply chains and eliminating trading risks.

Moreover, as the press release noted:

“The cutting-edge solutions will support Dubai Chamber’s Digital Silk Road platform, a Dubai 10X initiative that puts the emirate at the forefront of trade innovation as it joins a handful of cities such as Singapore, Hong Kong and Rotterdam which are leveraging blockchain technology to advance trade systems.”

The role of blockchain in supply chain has long been a very vital one and this project serves to reinforce the same idea with greater validity. It is also expected to eliminate trade barriers between the countries of the region and bring down the time and cost of trading processes.