Why Dubai Customs launched its own blockchain platform
Dubai Customs has launched a new blockchain platform to optimize commercial activities within the region, which is increasingly seen as a pro-tech market. In a bid to address some of the obstacles that have hampered Dubai’s entrepreneurial sector, the customs department is exploring the use of blockchain technology to increase transparency and simplify the process of sharing data in a tamper-proof manner. The blockchain platform was unveiled on Monday and is touted to provide secure, efficient, economical plans, as well as tech-driven logistics initiatives.
Sultan Ahmed bin Sulayem, chairman of Dubai’s Port, Customs, and Free Zone Corporation, called the new blockchain platform a “great leap forward” in improving Dubai’s business and commercial activities.
“We believe that the introduction of modern technologies such as blockchain will significantly contribute to improving the business climate and Dubai’s position as an important center for global trade,” Sulayem said in a prepared statement.
Blockchain technology, also known as distributed ledger technology, stores data on multiple nodes, which prevents data from being concentrated on a single server as with traditional servers. This makes it harder for malicious hackers to hack networks. Furthermore, all data stored on blockchain networks leaves a permanent trail, which brings transparency to businesses.
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Dubai authorities are also looking to leverage other blockchain capabilities, such as real-time tracking of goods and tackling cases of fraud and counterfeiting.
This isn’t the first time Dubai has explored the use of blockchain technology, however. In May, it unveiled a strategy aimed at making the region one of the top 10 economies well-versed in metaverse technology.
Dubai previously engaged the Solana Foundation in October 2023 to provide blockchain infrastructure for its free economic zone, the Dubai Multi Commodities Centre (DMCC). With this, Dubai aims to help companies operating there scale their businesses.
