The bank will provide trade finance solutions for the Digital Silk Road, a Dubai 10X initiative, which uses blockchain technology to digitize trade processes in Dubai. Dubai 10X is a program wherein various departments of government are tasked with researching and applying new and disruptive technologies to their administration and operations.
The DCCI had signed an MoU at the beginning of July 2019 with the International Chamber of Commerce and Singapore-based blockchain startup Perlin to promote the adoption of blockchain trade solutions.
In June 2019, Cointelegraph reported that the Dubai Land Department and telecoms firm Etisalat signed an MoU concerning blockchain technology for real estate, with the intention to implement smart government standards and introduce paperless management and digital contracts for property transactions.
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