Tuesday, May 30, 2023
HomeCryptocurrency NewsBlockchain NewsUAE works on a B2B-based platform for free trade zones

UAE works on a B2B-based platform for free trade zones


The Dubai Airport Free Zone Authority (DAFZA) announced on Saturday the development of Dubai Blink, the world’s first commercial blockchain platform for free trade zones (FTZs).

Dubai Blink allows companies to obtain DAFZA resident status, to interact with other businesses within it and to conduct trade without the need for physical presence in this zone or even in the UAE. The project combines blockchain, artificial intelligence, IoT and a digital licensing system.
The main function of the platform is to stimulate trade within the DAFZA. It is expected that the implementation of the function will be provided mainly by two operational areas of Dubai Blink. First, the platform will simplify the identification of parties and the verification of data using AI. Secondly, Blink will eliminate transaction fees and speed up the exchange of funds and information between DAFZA residents.
Sheikh Ahmed bin Saeed Al Maktoum explained that Dubai Blink is part of the Dubai 10x initiative – a government program to support projects that use breakthrough technologies. He added:
“Dubai Blink will become one of the most advanced models for supply and e-commerce systems in the FEZ of the future. It will help stimulate the trading operations of resident companies in the free zones of Dubai. ”
For the city and the whole emirate, a new project means an additional influx of investment, both from international corporations and from small and medium-sized businesses.
The Director-General of DAFZA, Dr. Mohammed Al Zarooni, commented:
“Dubai Blink will open new ways of mobilizing assets within the SEZ and will unite reliable suppliers of goods and services, promoting your business forward. It will be an integrated platform that will allow companies to manage deliveries and transactions, backed up by the speed, truthfulness, and reliability of smart contracts. ”
Recall that Dubai has already transferred its land registry to the blockchain and intends to decentralize the government by 2020.

Get The Latest Cryptocurrency News First - Join Us In Telegram

Recent Posts

Most Popular