Green

Chainlink

Dubai

Dubai Customs has announced the launch of a new blockchain platform aimed at smoothing out supply chain friction within Dubai and across its borders.
The blockchain solution was launched as part of a broader strategy to cement Dubai’s position as a leading “smart” city, Dubai Media Office <a href="https://www.mediaoffice.ae/en/news/2024/july/08-07/dubai-customs-launches-blockchain-platform-for" target="_blank" rel="noopener nofollow">said</a> in a July 8 statement.
“This innovation reflects our vision to make Dubai a global hub for trade and logistics,” said Ahmed bin Sulayem, Chairman of the Ports, Customs, and Free Zone Corporation. 
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/1e29937f-53b6-47de-894c-cbd62cc4f07e.png" alt="Dubai Customs launches blockchain platform amid smart city effort">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/DXBMediaOffice/status/1810240385844691316" target="_blank" rel="noopener nofollow">Dubai Media Office</a>
 </figcaption>
</figure>
<blockquote data-ct-non-breakable="true">
 “We believe that adopting modern technologies like blockchain will significantly contribute to improving the business environment and enhancing Dubai’s position as a major center for global trade.”
</blockquote>
Bin Sulayem noted that the blockchain solution aims to cut time and effort by simplifying many procedures to expedite customs clearance and commercial transactions.
It will also improve <a href="https://cointelegraph.com/explained/how-blockchain-technology-is-used-in-supply-chain-management">supply chain transparency</a> by facilitating tamper-proof data sharing and reducing the voluminous paperwork typically involved in these processes.
“The goal is to make the business environment in Dubai smoother, more streamlined, and transparent,” said Dr. Abdullah Busnad, Director General of Dubai Customs.
Blockchains have long been touted as a solution for tracking the <a href="https://cointelegraph.com/innovation-circle/9-tips-for-a-food-business-considering-blockchain-for-its-supply-chain">real-time movement of items</a> in supply chains and combating fraud and counterfeiting.
However, academics in 2022&nbsp;<a href="https://link.springer.com/content/pdf/10.1007/s40812-023-00296-8.pdf" target="_blank" rel="noopener nofollow">argued</a>&nbsp;there are still hurdles to mass&nbsp;<a href="https://link.springer.com/content/pdf/10.1007/s40812-023-00296-8.pdf" target="_blank" rel="noopener nofollow">adoption</a>.&nbsp;One&nbsp;promising blockchain supply chain platform from computer manufacturer <a href="https://cointelegraph.com/news/blockchain-based-supply-chain-platform-canned-by-ibm-and-maersk">IBM was axed</a> in November 2022.
IBM and its partner, Danish logistics firm Maersk, cited a lack of “global industry collaboration” as a key reason behind its decision to discontinue TradesLens.
Related: <a href="https://cointelegraph.com/news/dubai-updates-crypto-token-regulations">Dubai financial regulator updates crypto token rules for funds</a>
However, many more platforms and blockchains exist today. 
VeChain, a smart contract-compatible blockchain used for supply-chain tracking, has been a player in the space since its launch in 2016. Chainlink has been used for supply-chain automation since its launch in 2019. Hong Kong-based <a href="https://cointelegraph.com/news/hong-kong-takes-the-lead-in-blockchain-logistics-after-maersk-tradelens-demise">Global Shipping Business Network</a> (GSBN) has also become a notable player in the blockchain supply chain space.&nbsp;
VeChain, a smart contract-compatible blockchain used for supply-chain tracking, has been a player in the space since its launch in 2016. Chainlink has been used for supply-chain automation since its launch in 2019. Hong Kong-based <a href="https://cointelegraph.com/news/hong-kong-takes-the-lead-in-blockchain-logistics-after-maersk-tradelens-demise">Global Shipping Business Network</a> (GSBN) has also become a notable player in the blockchain supply chain space.&nbsp;
Dubai Customers also <a href="https://www.dubaicustoms.gov.ae/en/mobile/pages/newsdetails.aspx?itemid=1440&amp;NewsID=1440" target="_blank" rel="noopener nofollow">launched</a> a blockchain-based platform to facilitate cross-border e-commerce in January 2020.
Magazine: <a href="https://cointelegraph.com/magazine/green-consumers-want-supply-chain-transparency-blockchain/">Green consumers want supply chain transparency via blockchain</a>

Dubai Customs launches blockchain platform amid smart city effort

Cointelegraph

Other articles published on Jul 9, 2024

Dogecoin Adoption Surges as Venezuela Migrants Choose Telegram for Remittances

Binance CEO Richard Teng Commented on the Decline in Bitcoin (BTC) and Altcoins!

Messi’s Instagram Post Boosts Solana Meme Coin ‘Water’ by 350%

MoonBag Staking Rewards: Turning Dreams of Financial Independence Into Reality

Notcoin Price Prediction: NOT Plunges 7%, But Traders Flock To This P2E Presale Token That’s Race...

Zodia Custody Partners with Maple Finance to Offer Secure Crypto Lending

Join our free newsletter for daily crypto updates!