Dubai Chamber to extend blockchain technology to members

MoU signed with ICC and Perlin will see Chamber become first in the world to offer the service to members

Blockchain has the potential to revolutionise the global trade landscape, said HE Buamim.
Blockchain has the potential to revolutionise the global trade landscape, said HE Buamim.

The Dubai Chamber of Commerce and Industry is to provide blockchain trade solutions to members.

Blockchain offers many benefits and competitive advantages to companies, including improved trade processes, reduced risks, better traceability of supply chains and enhanced competitiveness.

The Chamber signed an MoU with the International Chamber of Commerce (ICC) and Perlin, making it the first chamber of commerce in the world to offer blockchain technology developed by ICC and Perlin’s Centre of Future Trade (CoFT) to its members and regional partners.

"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 revolutionise the global trade landscape,” said HE Hamad Buamim, President & CEO of Dubai Chamber of Commerce and Industry and Chairman of the ICC - World Chambers Federation (WCF).

The technology will support Dubai Chamber’s Digital Silk Road platform, putting the emirate at par with cities such as Singapore, Hong Kong and Rotterdam which are leveraging blockchain technology to advance trade systems.

Buamim described the partnership as a major step forward in removing trade barriers, improving supply chain efficiency and boosting the participation of MSMEs in global trade, adding that these objectives remain top priorities for the WCF.

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