Dubai gov’t partners with IBM for cloud blockchain trial
Local enterprises and major banks also tap into the initiative that wants to change the way trade is done in the emirate.
The government of Dubai, IBM and several enterprises and banks have come together to launch a trade blockchain trial in the emirate.
The initiative plans to use blockchain technology, such as cloud, to create a trade finance and logistics solution that will be used to control import and re-export of goods to and from Dubai in real time.
The trial will use IBM Cloud and Hyperledger Fabric, an open source project created to explore and develop cross-industry blockchain technologies.
The Dubai blockchain project is led by Dubai Customs and Dubai Trade. IBM has also started a collaboration with IT provider DUTECH.
Other organisations involved in the initiative include the bank Emirates NBD, telecommunications company Du, freight company Aramex and Banco Santander.
Emirates NBD and Santander will use blockchain technology for trade finance transactions.
A “leading airline” is also involved as the airway carrier, however, the company’s name has not been disclosed.
Being a big believer in cognitive computing, IBM has also involved its Watson IoT business arm in the project.
Watson IoT will be used to device-reported data to update and/or validate the code on the blockchain.
The initiative with IBM follows from early plans unveiled by the Dubai government in February 2016 when the body said it wanted the emirate to become a centre for blockchain.
The plan also led to the creation of the ‘Global Blockchain Council’ by the Dubai Museum of the Future Foundation.
Dubai’s Blockchain Strategy anticipates that all transactions in the emirate will be based on blockchain technology by 2020.
According to Statista, the global blockchain technology market is poised for an exponential growth starting in 2017, when the market is expected to top $339.5bn, up from 2016’s $210.2bn. This is predicted to growth to $2.3tr by 2021.