Dubai to Become Leading Blockchain Hub in the Middle East
Dubai made moves to become a leading blockchain hub in the world, with the announcement that the Dubai Chamber of Commerce & Industry (DCCI) has entered a joint initiative to promote “The adoption of blockchain trade solutions”. The announcement outlines that the (DCCI) has signed a memorandum of understanding with the International Chamber of Commerce (ICC) and blockchain startup Perlin. The initiative means that the DCCI will be the worlds’ first chamber of commerce in the world to offer innovative blockchain solutions developed by ICC and Perlin’s Centre of Future Trade (CoFT) to its members and regional partners.
According to the press release, the memorandum gives the Dubai Chamber the exclusive rights to provide CoFT blockchain solutions to businesses in the Middle East and the Africa region. The solutions would give companies improved trade processes, reduced risks, better traceability of supply chains and enhanced competitiveness amongst the other benefits and competitive advantages.
President & CEO of Dubai Chamber of Commerce and Industry and Chairman of the ICC – World Chambers Federation (WCF) H.E. Buamim said “Dubai Chamber is proud to be the first chamber in the world to adopt and offer state-of-the-art blockchain solutions that simplify trade, improve ease of doing business and enhance economic competitiveness. This technology introduces plenty of far-reaching benefits for our members and regional partners, while it also has the potential to revolutionize the global trade landscape.”
The solution will incorporate the Dubai 10X initiative, Digital Silk Road Platform, which was developed by the Dubai Chamber. The solution helps bring Dubai to the forefront of trade innovation along with several other cities such as Honk Kong and Rotterdam which are leveraging blockchain technology to advance trade systems.
The move sees the ICC and Perlin build on top of an existing partnership that began back in April. In a joint press release, the ICC outlined that they would be partnering with Perlin to support adoption amongst their 45 million member businesses it represents in over 130 countries. John Denton, Secretary General of the ICC, commented “In collaboration with Perlin, which leads the field in blockchain and distributed ledger development, we can help facilitate practical and truly disruptive transformation for businesses across every conceivable industry sector.”
Sources: businesswire.com, Dubaichamber.com, cointelegraph.com, arabianbusiness.com