Dubai’s Chamber of Commerce entered a joint enterprise with the sole purpose of the promotion and adoption of blockchain trade solutions.
The Chamber of Commerce along with the International Chamber of Commerce and a Singaporean blockchain startup Perlin signed a memorandum of Understanding on the first of July, 2019. It is the first ever chamber of commerce to offer blockchain tools developed by the International Chamber of Commerce.
The rights to offer exclusive Centre of Future Trades blockchain solutions in the Middle East and Africa has been given to the Dubai Chamber of Commerce under the MoU signed. The main aim is to improve trading processes by ensuring transparency and reducing risks.
In addition, trade solutions are to help Dubai’s recently emerged Digital Silk road platform, aimed at applying blockchain technology to solve vulnerabilities in the global trading system.
Perlin, the Singaporean based startup announced that it would help the international Chamber of Commerce to dish out blockchain technology and with Dubai’s land department and telecom firm Etisalat signed an MoU to apply blockchain in ensuring paperless management and digital contracts for real estate transactions.
With this new development, Dubai is laying the foundation of becoming the heart of full adoption of the utilization of the benefits of blockchain technology.