Dubai and IBM working on Blockchain

blockchainThe government of Dubai and Biggish Blue are launching a scheme using blockchain computing technology to process financial transactions and keep track of goods being shipped.

The initiative will provide real-time information about the state of goods and the status of their shipment to Dubai’s customs and trade agencies and companies involved in the trade process, IBM said.

Dubai registered $176 billion of non-oil trade in the first half of 2016, has cemented itself as one of the largest re-export centres for goods flowing between Asia and the Middle East and Africa.

IBM said it was also working with companies including du, a United Arab Emirates-based telecommunications firm, Dubai’s largest bank Emirates NBD, Spanish lender Banco Santander, Dubai-based logistics firm Aramex and an unidentified airline on the scheme.

Blockchain works as an electronic transaction processing and record keeping system that allows all parties to track information through a secure network, with no need for third-party verification.

Proponents think it could make transactions faster and safer, and have a wide range of applications.

The Dubai deal follows a plan announced in February 2016 by the government there to become a f blockchain centre.

IBM said the two banks taking part in the project would use blockchain for trade finance transactions involved in the scheme.