- Bin Sulayem pointed out that blockchain technology simplifies several processes.
- The objective is to create a more transparent, efficient, and easy environment.
A new blockchain platform has been launched by Dubai Customs. With the objective of easing bottlenecks in the supply chain both inside and outside of Dubai. According to a statement released on July 8 by the Dubai Media Office, the blockchain solution was introduced as a component of a larger plan to establish Dubai as a preeminent “smart” city.
According to Ahmed bin Sulayem, Chairman of the Ports, Customs, and Free Zone Corporation, this development showcases the goal of transforming Dubai into a world-renowned center for commerce and logistics.
Increasing Supply Chain Transparency
When it comes to expediting customs clearance and business transactions, Bin Sulayem pointed out that the blockchain technology simplifies several processes in an attempt to save time and effort. Furthermore, it will lessen the burden of paperwork often associated with these operations. And enable tamper-proof data exchange, both of which would increase supply chain transparency.
Moreover, Dubai Customs Director General Dr. Abdullah Busnad said that the objective is to create a more transparent, efficient, and easy environment for businesses to operate in. The promise of blockchain technology to prevent fraud and counterfeiting by monitoring the real-time flow of goods in supply chains has been around for a while.
Still, in 2022, scholars maintained that there are still barriers to widespread use. In November 2022, IBM, a computer manufacturer, discontinued a blockchain supply chain platform that had great potential.
IBM and its logistics partner Maersk of Denmark said that the lack of cooperation across industries throughout the world was a major factor in their decision to end TradesLens. Having said that, there are a plethora of other platforms and blockchains available, with more and more developments taking place.
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