IBM (NYSE: IBM) has further expanded its blockchain initiative, this time in the United Arab Emirates with Dubai Customs, Dubai Trade, in a bid to help advance Dubai’s overall government blockchain strategy, per an IBM statement.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong.
The initiative will also see IBM working in tandem with other leading entities in the UAE, including Emirates NBD, du, Aramex, and Banco Santander. In particular, IBM’s collaboration with Dubai Customs, Dubai Trade and its IT provider DUTECH, focus on the exploration and deployment of blockchain use.
One of the functions of such technology would be its use as a trade finance and logistics solution, dedicated to the import and re-export process of goods in and out of Dubai. The blockchain solution can help process shipment data to and from key stakeholders, helping inform them about the state of goods and the status of the shipment. This can be accomplished by the deployment of Hyperledger Fabric and IBM Cloud.
The FBS CopyTrade Team Introduces New ‘Risk-free Investments’ FeatureGo to article >>
Moreover, as part of the expanded solution initiative, IBM will also be working with UAE-based telecommunications service provider du to transmit and send data to a multitude of different regional venues. The expansion of the new solution is important as it will aim to replace paper-based contracts with smart contracts, whilst leveraging Watson IoT for device-reported data to update or validate smart contracts.
According to Ali Sajwani, Group Chief Information Officer, Emirates NBD Group, in a recent statement on the solution: “The bank has always had a culture of innovation and several of the bank’s most successful products and features can be attributed to this forward-thinking mindset.”
“We are excited to participate in the ecosystem on streamlining the trade finance process using the futuristic Blockchain technology, which has the potential of transforming the way we conduct business between heterogeneous entities,” he added.
“IBM believes that blockchain will do for transactions what the internet did for information. Dubai is at the forefront of adopting this transformative technology as government agencies and businesses realize the need to have a shared secured ledger that establishes accountability and transparency while streamlining business processes,” noted Amr Refaat, General Manager, IBM Middle East and Pakistan.