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Dubai Customs has introduced a new blockchain platform to enhance transparency in commercial operations within and across its borders, Gulf News reported July 8. The initiative seeks to bolster collaboration between government entities and the logistics industry, aligning with the Emirate’s broader blockchain strategy for digital transactions and web3 adoption. Sultan Ahmed bin Sulayem, Chairman of the Ports, Customs, and Free Zone Corporation, announced the launch as part of Dubai’s ambitious blockchain strategy. Bin Sulayem expressed pride in the launch, noting it marks a significant advancement in enhancing the efficiency of business operations in Dubai. The platform is expected to contribute substantially to improving the business environment and solidifying Dubai’s status as a global trade and logistics hub. The adoption of modern technologies like blockchain is seen as a key factor in supporting Dubai’s digital strategy and efforts to simplify business operations. Simplicity and security The blockchain platform offers numerous benefits designed to streamline business processes. One such advantage is simplified procedures for customs clearance and commercial transactions, which save time and effort for all parties involved. The platform also ensures secure and tamper-proof data sharing, enhancing trust and visibility across the supply chain. This capability fosters more transparent and reliable business relationships and reduces paperwork and process complexity, leading to significant cost savings. Additionally, the platform accelerates customs clearance procedures and reduces overall transaction times by enabling simplified data exchange and automated processes. The inherent transparency of blockchain technology enhances trust throughout the commercial process, allowing participants to independently verify secure records, while real-time tracking of goods provides greater visibility into the supply chain, aiding efforts to combat fraud and counterfeiting. Abdullah Busnad, Director General of Dubai Customs, highlighted the platform’s role in facilitating trade and reinforcing Dubai’s status as a global logistics hub. He emphasized that the platform…

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Filed under: News - @ July 9, 2024 1:10 am