Dubai Customs Launches Blockchain Platform to Boost Trade Transparency

UTC by Chimamanda U. Martha · 3 min read
Dubai Customs Launches Blockchain Platform to Boost Trade Transparency
Photo: Unsplash

The new initiative aligns with Dubai’s broader goals under the Emirates Blockchain Strategy 2021, aiming to transition 50% of government transactions to blockchain technology.

Dubai Customs has reportedly launched a new blockchain-powered platform designed to enhance commercial transparency and streamline cross-border e-commerce. This initiative, announced on July 8, marks a significant step toward establishing the Emirate as a global e-commerce hub.

The newly launched platform is part of Dubai’s broader strategy for digital transactions, spearheaded by its Crown Prince, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.

Dubai’s Blockchain Platform Is Now Complete

The Dubai government officially launched the cross-border blockchain-based platform in January 2020 during the “3rd UAE Customs Week 2020”. The platform, piloted in September 2019, consists of two phases. The first phase, already completed, focuses on facilitating e-commerce export transactions through couriers.

The second phase, which has just been finalized, will handle the Emirates’ e-commerce imports, consolidating declarations, automating refunds, and reducing fees.

Sultan Ahmed bin Sulayem, Chairman of the Ports, Customs, and Free Zone Corporation, stated that the new blockchain initiative will introduce several innovations in the region’s trade and logistics sector, ensuring all exports and imports comply with government regulations.

Global Hub for Trade and Logistics

The newly launched platform is part of broader efforts to boost Dubai’s non-oil trade and establish the emirate as a world-class e-commerce center. By utilizing blockchain technology, the platform aims to streamline customs procedures, reduce transaction times, and lower costs.

It will also regulate goods returns by linking traders and customs systems to facilitate the process efficiently.

“We are proud to launch the new blockchain platform, which represents a quantum leap in enhancing the efficiency of business operations in Dubai. This innovation reflects our vision to make Dubai a global hub for trade and logistics,” said Sulayem.

Additionally, the new blockchain-based platform will automate customs declarations and provide real-time visibility to ensure that all participants have access to accurate and verifiable information.

Supporting Dubai’s Digital Strategy

Commenting on the latest development, Dr. Abdullah Busnad, another top customs officer, said the platform’s launch will not only benefit customs operations but also enhance collaboration with other government entities. He highlighted that it will allow companies to track goods in real-time, making supply chains more transparent and helping prevent fraud and counterfeit products.

The new initiative aligns with Dubai’s broader goals under the Emirates Blockchain Strategy 2021, aiming to transition 50% of government transactions to blockchain technology.

Currently, the Dubai government is collaborating with major logistics companies to test the platform and plans to expand its scope to include more stakeholders soon.

Blockchain News, Cryptocurrency News, News
Related Articles