Dubai Customs announced the launch of an industry blockchain platform that will allow customs officials to provide operational control and transparency of trade transactions both in Dubai and internationally.
The platform proposed by United Arab Emirates (UAE) company Avanza Innovations is expected to provide secure and tamper-proof data exchange.
The technology can be used to speed up customs clearance and control commercial transactions, and will also optimize costs by reducing the time required to prepare accompanying documents on paper.
Customs officials noted that the platform will help strengthen Dubai's position as a global logistics hub, as the inherent transparency of blockchain will build trust between trading parties throughout the commercial process. For example, allowing counterparties to gain trusted access to the necessary protected records and verify them independently of each other.
In addition, blockchain will allow tracking the movement of goods in real time, which will provide greater transparency in the supply chain and help in the fight against fraud.
