Dubai's '10X' project uses blockchain to reshape trade practices
It will eliminate key complexities and weaknesses in the global trading system
The Dubai Chamber of Commerce and Industry (DCCI), in partnership with the Dubai Future Foundation (DFF), has developed the Digital Silk Road project, which seeks to use blockchain technology to eliminate key complexities and weaknesses in the global trading system.
The project aims to further increase the transparency of supply chains through digital transformation and process automation. The Digital Silk Road will support entrepreneurs in enhancing their capabilities, accelerate business transactions, increase security and reduce trade in counterfeit goods, and provide reliable information to parties anywhere and anytime.
The project is one among several Dubai 10X initiatives launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of the board of trustees of the Dubai Future Foundation, during the sixth edition of the World Government Summit held in February 2018 with the mission of placing Dubai 10 years ahead of other cities of the world.
The Digital Silk Road project aims to reshape the global trading system through a secure, advanced and environmental-friendly platform using blockchain technology that helps overcome current trade barriers such as high costs, lack of transparency, diversification of legislation and lack of security in business transactions.
"The Dubai 10X approach offers a way to overcome all the challenges and current constraints facing the trade sector by introducing a unique system," said Hamad Buamim, president and CEO of Dubai Chamber of Commerce and Industry. "We have been able to develop a project that is aligned with the vision of the initiative and meets Dubai's need for a platform that facilitates more cost-efficient, safer and faster trading. We can avoid all obstacles and unnecessary procedures and enhance our role as a trading chamber by using the latest technologies such as blockchain."
Buamim pointed out that this project is part of the Dubai 2021 plan, especially its themes of 'smart and sustainable city' and 'pivotal hub in the global economy'. The project will reinforce Dubai's position as one of the most important business centres in the world.
The platform helps to track multilateral transactions, reduce transaction time and enable digital authentication in an encrypted and secure manner. It enables devices to interact directly with each other and improves the knowledge of assets and liabilities, as well as the possibility of creating applications such as smart contracts, digital portfolios, safe digital transfer of assets and information. This will help reduce other disadvantages such as lack of transparency, security, manual errors, increased paper usage and time spent on procedures.
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