Dubai Customs, under the 2021 Emirates Blockchain Strategy, has created a new Blockchain platform to help with the transparency of transactions.
According to reports, Dubai Customs has implemented a novel blockchain-based platform to optimize cross-border e-commerce and improve commercial transparency. This initiative, announced on July 8, represents a substantial stride toward the Emirate’s status as a global e-commerce center.
The newly launched platform is a component of Dubai’s overarching digital transaction strategy, which Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum is leading.
Dubai’s blockchain platform has been finalized
The Dubai government officially introduced the cross-border blockchain-based platform in January 2020 during the “3rd UAE Customs Week 2020.” The platform, which was piloted in September 2019, is divided into two phases. The initial segment has been finalized and is dedicated to facilitating e-commerce export transactions through couriers.
The Emirates’ e-commerce imports will be managed by the second phase, which has recently been completed. This phase will consolidate declarations, automate refunds, and reduce fees.
The new blockchain initiative, according to Sultan Ahmed bin Sulayem, Chairman of the Ports, Customs, and Free Zone Corporation, will introduce several innovations to the trade and logistics sector of the region, ensuring that all exports and imports adhere to government regulations.
Trade and logistics hub on a global scale
The recently introduced platform is a component of a more comprehensive initiative to enhance Dubai’s non-oil trade and establish the Emirate as a world-class e-commerce hub. The platform endeavors to reduce transaction times, expedite customs procedures, and reduce costs by implementing blockchain technology.
Additionally, the process of regulating product returns will be facilitated by integrating customs systems and traders.
“We are honored to introduce the new blockchain platform, which promises to revolutionize the efficiency of business operations in Dubai.” Sulayem stated, “This innovation indicates our aspiration to establish Dubai as a global hub for trade and logistics.”
In addition, the new blockchain-based platform will automate customs declarations and offer real-time visibility to guarantee that all participants have access to verifiable and accurate information.
Assisting Dubai’s Digital Strategy
The platform’s launch will benefit customs operations and improve collaboration with other government entities, according to Dr. Abdullah Busnad, another prominent customs officer, who commented on the most recent development. He emphasized that it will enable companies to monitor commodities in real-time, thereby enhancing the transparency of supply chains and preventing the production of counterfeit products and fraud.
The new initiative is consistent with Dubai’s overarching objectives as outlined in the Emirates Blockchain Strategy 2021: to transition 50% of government transactions to blockchain technology.
At present, the Dubai government is in the process of testing the platform in conjunction with significant logistics companies. It has plans to broaden its scope to include additional stakeholders shortly.
