Wednesday 3 July 2019
The Dubai Chamber of Commerce and Industry has become the first chamber of commerce in the world to offer its members and regional partners innovative blockchain solutions.
The blockchain solutions are developed by the International Chamber of Commerce (ICC) and Perlin's Center of Future Trade (CoFT) and will be offered by Dubai Chamber under the terms of a memorandum of understanding (MoU) signed by the three entities.
Under the MoU, Dubai Chamber has exclusive rights to provide CoFT blockchain trade solutions to businesses in the Middle East and Africa region. The solutions offer many benefits and competitive advantages to companies, including improved trade processes, reduced risks, better traceability of supply chains, and enhanced competitiveness, the Chamber said.
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.