Dubai Partners with IBM to Test Blockchain Trade Finance
Dubai’s government is testing blockchain tech for trade finance in partnership with IBM. Dubai Customs, the emirate’s customs office, and Dubai Trade, an electronic trade services hub operated by the government, are helping spearhead the initiative, announced today. Several private companies are involved, including Emirates NBD and Banco Santander, two major banks that have tested the tech in the past. Du, a UAE-based telecom, and Aramex, a shipping and logistics firm headquartered in Dubai, are also taking part in the trade finance test, along with an as-yet-unnamed airline carrier. On....
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The government of Dubai has partnered technology giant IBM to launch a blockchain initiative for trade finance. Announced today, the project could prove telling in its impact with shipments and transactions of goods in one of the world’s major trading hubs. Dubai’s geographical proximity has established the Emirate as a hub for shipments between Asia, the Middle East and Africa. A number of private companies are involved in the project, given their involvement in trade finance transactions. Dubai’s largest bank Emirates NBD is a part of the project, as is Spanish banking giant Banco....
Two government agencies funded IBM's latest blockchain implementation, the largest ever in terms of parties involved and arguably one of the more impressive in the sophistication of the offering. With support from both Dubai Customs and Dubai Trade, IBM has so far courted a telecommunications service provider, a letter of credit issuing bank, a responding bank, a freight company and an airline in a trial centered on what major financial firms believe is one of the tech's most promising use cases. Once the all-inclusive supply chain and trade finance proof-of-concept is completed, it will....
Dubai, a global hub for trade, wants to incorporate the blockchain into daily economic life. The country believes blockchain technology could put them on the cutting edge of simplified record-keeping, as well as the transportation of goods worldwide. Blockchain incorporation into the society there, which joins an across the board effort to place Dubai on the cutting edge of how cities are run, will exist alongside Dubai’s advanced transportation infrastructure and near-zero taxes. The world’s largest corporations, such as IBM, Microsoft and dozens of big banks, are exploring uses for the....
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