Dubai Blink: UAE Investing Heavily on Blockchain Technology
Dubai has had active participation and implementation of technology development amongst the business sector for decades. They were in the front line always because of the development of blockchain technology.
Dubai city has been welcoming digital technology and accepted “distributed ledger technology” for various projects in different business sectors. The latest endeavour is Dubai Airport Free Zone Authority (DAFZA), an economic zone that includes Dubai’s International Airport as the working platform for the free zones.
DAFZA announces more details about plans to create the world’s first B2B smart commerce platform. They will use artificial intelligence (AI), blockchain technology and virtual business licences, allowing global companies to connect and trade via Dubai. As one of Dubai 10X initiatives, Dubai Blink was presented to Dubai Free Zones Council, chaired by Sheikh Ahmed Bin Saeed Al Maktoum.
Blockchain Technology in Dubai
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. Thus, Dubai will be first city in UAE, and globally that are implementing a digital commercial platform.
Existing blockchain technology companies will be able to carry out their business through Dubai. With the help of this advanced technology, more enterprises will be able to be established in Dubai without requiring to be physically present in the city of the UAE. At par information 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, Dubai free zone council chairman explained that Dubai Blink will be part of the Dubai 10x initiative.
Mr. Maktoum informed that this 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, he also added. Phenomenal fact of implementation of AI and BTE technology platform is that this will allow Multinational as well as small and medium-sized enterprises to set up their digital businesses in Dubai.
Benefits of the New Project
With this project, business will be faster in free zones, something that would provide comprehensive business solutions for companies to search for quality services and products. Moreover, this technology will make process transactions feasible in a very easy and safe way.
AI and blockchain technology, will reduce inter border transaction cost and time remarkably. This will also provide more profit to the business participants. Inter relation amongst the enterprises will grow, and international trade barriers and regulations will be drastically reduced.
DAFZA director general, Dr Mohammed Al Zarooni, also explained that Dubai Blink will act as a gateway to support free zone assets, network, and connect with trusted providers of product or services to evolve business participants.
The project is expected to be completed by two years, and it will be interconnected with other blockchain-related projects that Dubai has promoted in the past, including the Dubai Blockchain Business Registry unveiled by the DED, Ethereum World News reported.