Yesterday, Tuesday, a partnership was signed between the Dubai Chamber of Commerce and the state-owned Emirates NBD Bank to finance trade using blockchain technology, all within the framework of the Digital Silk Road initiative.

The project aims to improve the transparency and efficiency of supply chains by relying on automation.

The Dubai Chamber manages the Digital Silk Road initiative in cooperation with the cargo handling service provider DP World and Dubai Customs.

The platform is scheduled to start operating in 2020.

Hisham Abdullah Al Qassim, Vice Chairman and CEO of Emirates NBD, said:

Emirates NBD was the first in the region to successfully pilot the use case of blockchain in trade finance and we look forward to providing our expertise and support for the Digital Silk Road initiative.

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Hamad Buamim, President and CEO of Dubai Chamber, said:

Trade finance is one of the most important tools used today to facilitate international trade and exchange.

For your information, the Dubai Chamber has previously entered into a partnership in the same context (trade finance) with the International Chamber of Commerce (ICC) and the startup company in the field of blockchain Perlin.

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At the same time, there are other active projects in the UAE, most of which rely on blockchain technology. In July, Etisalat announced the launch of a nationwide trade finance platform called “UAE Trade Connect.”

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The platform was developed in partnership with First Abu Dhabi Bank and Avanza Innovations.

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