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Dubai goes Blockchain: large Bank is involved in the digital silk road

The chamber of Commerce and industry of Dubai, DCCI was able to win the banking group Emirates NBD as a Partner for the Initiative "Digital Silk Road". As the

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Dubai goes Blockchain: large Bank is involved in the digital silk road

The chamber of Commerce and industry of Dubai, DCCI was able to win the banking group Emirates NBD as a Partner for the Initiative "Digital Silk Road". As the saudi Arab news website, Saudi Gazette (SG) reported, DCCI and NBD Recently signed a letter of intent. The focus of the cooperation is the project "Digital Silk Road", one for 2020 announced for trading platform, stands at the block chain the base.

By Christopher clover
15. October 2019BTC$8.575,16 15.09%part Facebook Twitter LinkedIn xing mail

the aim of the "digital silk road" is to eliminate barriers to trade between partners in the Region by means of Blockchain technology and automation of processes. According to the MOU, the Dubai-controlled Emirates NBD is to provide trade Finance services.

Emirates NBD was the first in the Region, has tested a Blockchain-application for trade Finance successfully, and we look forward to provide our Expertise and support for the Initiative Digital Silk Road available. We are working on a common Vision of a seamless trade financing for all parties Involved, which will contribute to strengthening Dubai's Position as a leading and efficient hub for global trade,

Hesham Al Qassim, Managing Director, commented on the case of Emirates NBD, the cooperation with SG. The Bank group tested the Blockchain technology already for several years. In the spring of 2018 launched by Emirates NBD with a "Check Chain" a Blockchain-based solution is intended to guarantee tamper-proof checks.

Dubai: the Oil - for Blockchain-Nation

The Emirate has positioned itself in the global comparison as a particularly blockchainaffin. In contrast to small States and tax havens, the search in the absence of natural resources, their economic salvation in the crypto-sector is part of Dubai as part of the United Arab Emirates (UAE) is the largest Oil exporters in the world. In order to be for the Post-Oil-age is prepared, follow the Emirates an offensive digitization strategy. The Blockchain is one of the technologies of the future, where Dubai and the UAE, special attention should be given. Against this Background, Dubai has introduced around may of 2019, a national Blockchain-Register for mortgages. In addition, the Ministry of Finance of the Emirate has already in the fall of 2018, the Blockchain technology in its payment and adjustment processes involved.

With its Blockchain-commitment of Dubai is located on the Arabian Peninsula, meanwhile, in the best of company. As such, Abu Dhabi is pursuing the Plan of a block chain-based basic book to introduce. Also Oil and Blockchain wants to unite Abu Dhabi: The National Oil company of Abu Dhabi, is testing the use of the technology for the Monitoring of the supply chains of the "black gold". In addition, plans for a common crypto currency for Saudi Arabia and the United Arab Emirates exist.

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