The Dubai Chamber of Commerce in partnership with Dubai Future Foundation has introduced the Digital Silk Road project, which uses blockchain technology to eliminate drawbacks in the international trading system and further improving the transparency of supply chains through digital transformation and integrated process automation.
Digital Silk Road will support entrepreneurs in speeding up operations, increasing security, reducing the volume of trade in counterfeit goods. It will also give opporunity to provide parties with reliable information at any place of the world and anytime.
The project is one of several Dubai 10X initiatives.
The implementation of the initiative to launch the project is planned to be realized in the next eight months. Cooperation with such countries as Netherlands and the United States is expected.
New project promotes more economical, safe and fast trade. It will help to avoid all barriers and waste procedures.
Dubai is famous as a city of records, able to overcomev any problem in any situation. It is expected that Digital Silk Road will become a competitive project that will achieve better results and will rewrite the history of world trade.
The platform will give opportunity to track transactions, shorten their time, and provide secure authentication in a safe way through encryption mechanisms. Digital Silk Road will also help improve customer service, and help reduce the cost of trading using new business processes.
Dubai has probably the friendliest government regarding innovative technologies. Last year it announced the goal of becoming the first government in the world of blockchain by 2020.