Dubai unveils a new project based on the Blockchain: The digital silk road!
Dubai has quickly become a hub of Blockchain innovation in recent months. With the support of local government, there are many opportunities waiting to be explored. One of the most recent projects is known as the “Digital Silk Highway”, which is not linked to the dark web market with which most users of Cryptocurrency are familiar.
It is commendable to see Dubai take such eminent Blockchain type initiatives. With the help of the Dubai Chamber of Commerce and Industry, the Dubai Future Foundation organized the Digital Silk Road project. This particular company focuses primarily on using Blockchain technology to eliminate the key complexities and weaknesses of the current global trading system.
Although the name “Digital Silk Road” resembles “Silk Road”, the dark web market, the two are not connected. Digital Silk Road has no link with the black web, and has no link with the markets or peer-to-peer. Even so, it is a project that could introduce many positive changes.
To summarize the project, it aims to improve supply chain transparency “through digital transformation and process automation”. It sounds like a few buzzwords thrown away at first, but there is a method behind it in the case of the Digital Silk Road. This new project will enable entrepreneurs to improve their capabilities, improve business transactions and ultimately reduce trade in counterfeit goods. This last point is of great importance, because counterfeit products have been a very big problem for a very long time.
While the reshaping of global trade will not happen overnight, Blockchain technology can play an important role in this process. With an advanced and secure platform to overcome current trade barriers, the Dubai Future Foundation hopes to have a positive impact on this industry. It should also be mentioned that this new company is part of the Dubai 2021 plan, which focuses mainly on positioning the city as a major hub of the world economy.
Under the hood, Digital Silk Road is designed to track multilateral transactions, reduce transaction times and offer digital authentication capabilities. This will be done in an encrypted manner, while providing transparency at all times. Even so, it will be very interesting to see how this concept is played out, because it will be up to companies and entrepreneurs to adopt this solution.