Dubai Chamber of Commerce and Industry (DCCI), in partnership with Dubai Future Foundation (DFF), has successfully developed the Digital Silk Road project, through the use of block chain, the platform seeks to eliminate the complexities and weaknesses of the global trading system. It further aims to increase the transparency of supply chains through digital transformation and comprehensive process automation.The Digital Silk Road will support entrepreneurs’ innovative capabilities, accelerate business transactions, increase security and reduce trade in counterfeit goods, and provide reliable information to parties anywhere and anytime to enrich the experience of customers.
The project is part of the Dubai 10X initiative, launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Board of Trustees of the Dubai Foundation for the Future, on the sixth edition of World Government Summit held in February 2018 with the mission to have Dubai achieve today what other cities of the world will achieve in 10 years
The Dubai Chamber of Commerce and Industry (DCCI) has introduced the “Digital Silk Road” project to reshape the global trading system through a secure, advanced and environmentally friendly platform using block chain 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 H.E Hamad Buamim, President & CEO of Dubai Chambers of Commerce and Industry. We have been able to provide a project inlined with the vision of the initiative and meet the need of Dubai to establish a platform for trading at a lower cost, safer, faster and more efficient way. We can avoid all obstacles and unnecessary procedures and enhance our role as a trading chamber using the latest technologies such as block chain technology. ”
“Dubai is well known for being a record breaking city where we strive to overcome the most difficult challenges across different circumstances. We believe that Digital Silk Road will be a competitive project that will achieve the best records and rewrite the history of world trade. The emirate enjoys a strategic location that links traditional trade routes and is characterized by an advanced logistics structure that enhances its position in the global trading system. ”
Buamim pointed out that this project is part of the Dubai 2021 plan, especially in the smart and sustainable city theme and and pivotal hub in the global economy theme. The project will reinforce Dubai’s position as one of the most important business centers 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 the interaction of devices 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.
Digital Silk Road will also help enhance customer service, especially when it comes to fast delivery, availability and diversity of goods, and contributes to reducing the cost of trade through the use of new business processes.
“Digital Silk Road” will enable significant changes in different sectors and will have a significant impact on the pharmaceutical sector in the healthcare sector. The platform will also change the concept of trade, supporting entrepreneurs to become more innovative.
Dubai Customs is a key partner for the success of this project and the Chamber is working with global partners to implement the project, including ones from the Netherlands and the United States to start operating the project in the next eight months.