IBM, Tuesday announced a blockchain initiative that advances Dubai’s government blockchain strategy. As part of the initiative, IBM is also working with leading businesses including Emirates NBD, du, Aramex, and Banco Santander
IBM is collaborating with Dubai Customs, Dubai Trade and its IT provider DUTECH, to explore the use of blockchain for a trade finance and logistics solution for the import and re-export process of goods in and out of Dubai.
Using Hyperledger Fabric and IBM Cloud, the blockchain solution transmits shipment data allowing key stakeholders to receive real-time information about the state of goods and the status of the shipment. Taking the example of a shipment of fruit, stakeholders involved in the process will receive timely updates as the fruit is exported from India to Dubai by sea, and then manufactured into juice in Dubai, and then exported as juice from Dubai to Spain by air.
Additionally, as part of the solution, IBM is also working with du, a UAE-based telecommunications service provider that is conveying data from internet of things (IoT) and few other enterprises.
This trade finance and logistics blockchain-based solution aims to replace paper-based contracts with smart contracts; leverages Watson IoT for device-reported data to update or validate smart contracts; and integrates all the key trade process stakeholders from the ordering stage, in which the importer obtains a letter of credit from their bank, through the intermediary stages of freight and shipping, and ending with customs and payment.
Ali Sajwani, Group Chief Information Officer, Emirates Group
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.
Margaret Dawson, Senior Director, Global Product Marketing, Cloud & Transformation, Red Hat
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,” said Amr Refaat, General Manager, IBM Middle East and Pakistan. “Our collaboration today with leading Dubai organizations across different sectors in trade finance and transportation will showcase how blockchain will revolutionize the way businesses interact with one another and with their customers and suppliers.
