Dubai’s DCCI To Joint Venture With Singapore’s Perlin And ICC For Creating Blockchain Trading Tools

Blockchain: Dubai Chamber Of Commerce Signs MoU With Singaporean Start Up

The Dubai Chamber of Commerce and Industry on July 1 announced its decision to sign a memorandum of understanding with a Singapore-based start-up Perlin and the international chamber of commerce.

The news of the latest collaboration involving the chamber was contained in a press release.

The joint initiative by the firms will tend to promote the adoption of blockchain trade solutions.

Effective Partnership

The DCCI is the main financial hub of the country, and its saddled with the responsibility of making sure the country moves along with the world trend and create a visible and robust business environment. The chamber made history as the first chamber of commerce in the world to offer blockchain tools developed by the ICC, as well as the Centre for Future Trade (CoFT), a massive project that was agreed upon in May 2019.

The agreement involves DCCI acquiring the exclusive right to offer CoFT blockchain trade solutions in Africa and also the Middle East region. The monumental agreement will tend to improve trade processes by providing greater transparency of supply chains, as well as also reducing the risk that’s normally encountered in the trade process.

Aided Support

Consequently, the new deal will also see the trade solutions giving its massive support to DCCI’s recently launched Digital Silk Road platform, which aims to apply blockchain technology to end major inadequacies mostly faced in the trading system.

The Digital Silk project was co-established by the DCCI and the Dubai Future foundation, and stands tall as an integral part of the Dubai 10x municipal development plan.

The ICC is a conglomerate of businesses, that has in its folds over 45 million businesses, some which includes global brands like Paypal and Amazon. Earlier in the month, Singapore’s Perlin revealed that it will help ICC roll out its blockchain powered technology.

Dubai is gradually incorporating blockchain into its tourist activities. A move that indicates that the country is not sitting on its hordes and relishing its past achievements.

The collaboration between the ICC and DCCI will not come to many as a surprise, this is because ICC is always looking for progressive, motivated and highly energized platform to collaborate and work with, which is the major reason why it is arguably the largest group in the world.

Bitcoinexchangeguide.com reported in May that the chamber was working to implement blockchain technology.

The chamber’s decision to tilt towards blockchain is an innovative move, as it will also allow its members like Coca-Cola, Amazon, FedEx and others tap into the revolutionary technology.

This will ultimately solve the issue of transparency that is mostly faced by big companies, and also instill the trust of their stakeholders and consumers, once again.

Although, the blockchain technology is still in its early years, if it can be adopted by a big organization like ICC, that has members that control the world’s economy, it is only a matter of time before the technology becomes the mainstay and adopted by not only firms, but governments and institutions, all over the world.