Dubai Chamber of Commerce Signs MoU on Blockchain Trade Solutions

Published at: July 1, 2019

The Dubai Chamber of Commerce and Industry (DCCI) has entered a joint initiative to promote the adoption of blockchain trade solutions, according to a press release on July 1

The DCCI, which acts as an international business hub in Dubai, has signed a memorandum of understanding (MoU) with two entities the International Chamber of Commerce (ICC) and Singapore-based blockchain startup Perlin.

According to the report, DCCI is the first chamber of commerce in the world to offer blockchain tools developed by the ICC, as well as the Centre of Future Trade (CoFT), a collaborative project the ICC and Perlin announced in May 2019.

Under the MoU, DCCI acquires exclusive rights to offer CoFT blockchain trade solutions in the Middle East and Africa region, the agency stated. Those solutions intend to improve trade processes by providing greater transparency of supply chains, as well as reducing the involved risks, the press release notes.

Among others, the trade solutions will support DCCI’s recently launched Digital Silk Road platform, which aims to apply blockchain tech to eliminate major vulnerabilities in the global trading system. Co-established by the DCCI and the Dubai Future Foundation, the Digital Silk Road project is a part of the Dubai 10X municipal development plan.

Earlier in April, Perlin announced that the company will help the ICC roll out its blockchain-powered technology. Founded in 1919, the ICC features 45 million businesses, including major global giants such as Amazon and PayPal.

On June 10, the Dubai Land Department and telecoms firm Etisalat signed a MoU to apply blockchain and smart government standards to introduce paperless management and digital contracts for real estate transactions.

Tags
Adoption
Blockchain
Trading
Singapore
Uae
Dubai
Africa
Middle East
Related Posts
Middle East, Asia and Africa blockchain association launches in Abu Dhabi
A new blockchain and cryptocurrency-focused association has been launched within Abu Dhabi's free economic zone that aims to further the development of blockchain and crypto ecosystems across the Middle Eastern, North Africa, and Asian regions. The Middle East, Africa & Asia Crypto & Blockchain Association (MEAACBA) was officially launched on Nov. 8 in the Abu Dhabi Global Market (ADGM), a free economic zone based in the center of the city subject to its own set of civil and commercial laws. The zone was designed to further the growth of fintech companies in the United Arab Emirates (UAE). The non-profit organization …
Adoption / Nov. 9, 2022
Crypto hotspots continue to thrive despite FTX collapse
The sudden failure of FTX has left many people questioning the impact this will have on the cryptocurrency ecosystem. For instance, it remains questionable whether or not crypto hotspots will continue to flourish or if there will be a decline in innovation. While it may be too soon to fully understand the impact of the FTX collapse, industry leaders within crypto-friendly geographies believe that the FTX failure will not hamper innovation. For example, Dubai — which has been dubbed as one of the most innovative regions for crypto and blockchain development — continues to see ecosystem activity. Most recently, The …
Adoption / Dec. 13, 2022
Crypto traders fight in WBS Dubai for Amir Khan’s charity boxing match
The World Blockchain Summit in Dubai hosted an exhibition boxing match between top cryptocurrency traders and influencers for the WBC Crypto Belt. The fights were supported by a charity event, featuring an auction of memorabilia including digital currency assets and nonfungible tokens (NFTs). What started off as a conversation for a friendly match with a small audience, saw the involvement of two-time World Boxing Champion Amir Khan and the Super Boxing League (SBL) as the organizer, in association with ByBit crypto exchange and World Boxing Council. Amir khan crypto fight night. 2 of the biggest crypto traders @RookieXBT vs @loomdart …
Adoption / Oct. 17, 2021
Dubai – the Blockchain Oasis of the UAE: From Public to Private Sector
In some countries around the world, governments have had a stifling effect on the adoption of blockchain technology. Conversely, the government of the UAE and Dubai have been the driving force behind the promotion of blockchain use in the country. 2018 has seen some significant developments on this front but the foundations had been laid a couple of years ago. Across the private and public sectors, there has been a push to incorporate this new tech to overhaul current systems. This includes as plans to launch a cryptocurrency that will be used by citizens and governmental departments. EmCash The first …
Adoption / Oct. 18, 2018
Groceries to luxury cars: The state of crypto adoption in Dubai
The city of Dubai has been very welcoming to the crypto space, providing the much-needed regulatory clarity to help the industry thrive. While this attracts native Web3 and crypto businesses to the emirate, even non-crypto businesses started integrating technologies like crypto, nonfungible tokens (NFTs) and even the metaverse into their operations. Cointelegraph went to explore various parts of Dubai to find out how crypto and Web3 technologies have been integrated within some businesses in the emirate. Ordering groceries with cryptocurrencies Day To Day, one of the popular and most affordable grocery chains in Dubai, announced that it started to accept …
Adoption / Feb. 16, 2023