UAE launches blockchain-based platform Trade Connect

Tuesday 20 April 2021 12:11 CET | News

The United Arab Emirates has launched UAE Trade Connect, a blockchain-based platform, designed to prevent economic crimes such as under-invoicing, money laundering, and fraud in trade finance.

The distributed ledger blockchain network was developed by UAE-based telecommunications company Etisalat and a consortium of seven local banks led by the First Abu Dhabi Bank. The system went live after six months of trials and the overall project took two years from concept to delivery.

Now that the trials are complete, the pilot program for UAE Trade Connect will focus on fraud detection, but the proponents of the technology believe it can be expanded to cover more, such as catching money laundering and sanctions violations.

In time, UAE Trade Connect could be designed to handle bills of lading, letters of credit and bank guarantees, all of which involve working with ports, customs authorities, and governments. 

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Keywords: product launch, blockchain, trade finance, fraud management, money laundering, banks
Categories: Blockchain & Cryptocurrencies | Digital Identity, Security & Online Fraud
Countries: United Arab Emirates
This article is part of category

Blockchain & Cryptocurrencies