Launched as part of a larger plan to solidify Dubai’s ranking as a top “smart” city, the blockchain solution was presented by the Dubai Media Office in a July 8 statement.

Vision for a Global Trade Hub

Chairman of the Ports, Customs, and Free Zone Corporation Ahmed bin Sulayem remarked, “This innovation reflects our vision to make Dubai a global hub for trade and logistics.”

“We think that implementing contemporary technologies such as blockchain will help to greatly improve the business environment and strengthen Dubai’s position as a main hub for world trade.”

Bin Sulayem pointed out that by streamlining several processes to hasten customs clearance and business transactions, blockchain technology seeks to cut time and effort.

Enhancing Transparency and Efficiency

By enabling tamper-proof data sharing and thereby lowering the enormous documentation usually needed in these procedures, it will help improve supply chain transparency.

“The aim is to make the business environment in Dubai smoother, more streamlined, and transparent,” stated Director General of Dubai Customs, Dr. Abdullah Busnad.

Blockchains are long praised as a solution for monitoring the real-time flow of goods in supply chains and against fraud and counterfeiting.

Challenges to Mass Adoption

Academics in 2022 countered that mass adoption still faces challenges. November 2022 saw the axing of one exciting blockchain supply chain platform from computer maker IBM.

IBM and its partner, Danish logistics company Maersk, attributed their decision to stop TradesLens to a lack of “global industry collaboration.”

Since its 2016 introduction, VeChain—a smart contract-compatible blockchain used for supply-chain tracking—has been active in the field. Since its 2019 introduction, Chainlink has been applied to supply-chain automation. Globally Shipping Business Network (GSBN), situated in Hong Kong, has also grown to be rather active in the blockchain supply chain domain.

Since its 2016 introduction, VeChain—a smart contract-compatible blockchain used for supply-chain tracking—has been active in the field. Since its 2019 introduction, Chainlink has been applied to supply-chain automation. Globally Shipping Business Network (GSBN), situated in Hong Kong, has also grown to be rather active in the blockchain supply chain domain.

In January 2020, Dubai consumers also started a blockchain-based platform meant to enable international e-commerce.

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