Dubai has several times been in the media because of its developments on blockchain technology. The city has been embracing distributed ledger technology for different projects in several areas. This time, the Dubai Airport Free Zone Authority (DAFZA), an economic zone that covers Dubai’s International Airport, is working on the first commercial digital platform for free zones.
Dubai Implements Blockchain Technology
The modern city of Dubai will be working with Blockchain technology in another important area of the city, which is related to the International Airport and its surroundings. With this implementation, the zone will be the first one around the world that implements a digital commercial platform.
Using blockchain technology, companies will be able to trade and connect through Dubai. With this new implementation, enterprises will be able to be established in the country without requiring to be physically located in the city of the UAE.
The information has been released by the DAFZA and it will be known as Dubai Blink. The new project will be using artificial intelligence (AI), virtual business licenses, and blockchain technology.
Sheikh Ahmed Bin Saeed Al Maktoum, explained that Dubai Blink will be part of the Dubai 10x initiative.
About it, Mr. Maktoum, commented:
“The Dubai Blink project will be one of the most innovative models for the future of global supply chains and e-commerce across the free zones. It will help boost trade for companies operating in Dubai’s free zones.”
With this project, the intention is to create a new model for smart commerce and attract new investors to the city. Multinational companies and small and medium-sized enterprises will be able to set up their digital businesses in Dubai.
“The work that is being done between the free zones and government agencies will help create a new model for smart commerce in the international industry as well an attractive future for foreign investments within the free zones of Dubai,” commented Sheikh Ahmed.
Benefits of the New Project
With this project, trade will be speeded up in free zones, something that would provide comprehensive solutions for companies to search for services and products. Moreover, it will be possible to process transactions in a very easy and safe way.
With the implementation of AI and blockchain technology, cross-border transaction costs and time will be radically cut, engagement between enterprises will grow, and international trade barriers and regulations will be reduced.
DAFZA director general, Dr Mohammed Al Zarooni, explained:
“Dubai Blink will be a gateway to leverage free zone assets, network, and connect with trusted providers of product or services to evolve your business. It will be an integrated platform that will allow business to manage supply chains and transactions, underwritten by the speed, truth and reliability of blockchain smart contracts.”
The project may take two years to be built and implemented, and it will be connected with other blockchain-related projects that Dubai has promoted in the past, including the Dubai Blockchain Business Registry unveiled by the Department of Economic Development.