DFF Organises Blockchain-Based Digital Silk Road Project. Dubai Future Foundation get helped by Dubai Chamber of Commerce and Industry and has organized the Digital Silk Road project –a venture focused on using blockchain technology to eliminate key complexities and weaknesses in the current global trading system.
“Digital Silk Road” giving the idea of “Silk Road“, the dark web marketplace, not actually connected to Silk Road any way. Digital Silk Road has no link to the dark web, nor it is connected to marketplaces or peer-to-peer trading.
This venture project could introduce a lot of positive changes moving forward.
Digital Silk Road is meant to improve transparency of supply chains “through digital transformation and process automation”. At first, it sounds like a few buzzwords that are thrown together, but there is a method to the madness in the case of this project allowing entrepreneurs to enhance their capabilities, improve business transactions, and ultimately do reduce the trade of counterfeit goods.
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The blockchain technology can play a big role in reshaping the future of global trade that will take some time. Digital Silk Road is an advanced and secure platform meant to overcome current trade barriers.The Dubai Future Foundation is hopeful to make a positive impact on the industry with this project.
Another worth mentioning point is that this new venture is part of the Dubai 2021 plan focused on positioning the city as a major hub in the global economy.
According to the Dubai Chamber of Commerce and Industry CEO and President Hamad Buamim this is a unique system introduced by Dubai 10X approach which could explore ways to overcome all the challenges and current constraints facing the trade sector.
This project has enabled the innovators to develop a project that is aligned with the vision of the initiative and meets Dubai’s need for a platform that facilitates cost-efficient, safer and faster trading.
With help of this project all obstacles and unnecessary procedures can be avoided to and enhance the role of Dubai as a trading chamber by using the latest technologies such as blockchain.
The project is designed to track multilateral transactions, reduce transaction times, alongside offering digital authentication features in an encrypted manner, while offering a fair degree of transparency every time.