The ICC and Perlin announced their ICC Blockchain/DLT Alliance earlier this year, and Dubai is the first Chamber to join. The ICC is the umbrella organisation for the Chambers of Commerce in 130 countries, including Dubai’s in the UAE. The role of the ICC is mostly to set standards and facilitate trade, while also managing disputes which cannot be resolved at the local level. As the Chambers of Commerce within the organization account for 45 million businesses, the ICC is crucial for managing global trade.
This is why the ICC and its members adopting blockchain could be a massive disruption to the market. The ICC Blockchain/DLT Alliance aims to use the technology in trade processes, supply chains, and risk management.
Yesterday’s announcement reveals that Dubai is the first Chamber of Commerce to sign up to the Centre of Future Trade (CoFT), established by the ICC/Perlin alliance. The city can now offer blockchain-based solutions to its business and regional partners. Interestingly, the signed agreement states that the Dubai Chamber has exclusive rights to do so in the Middle East and Africa region.
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