| Customers: Government of Dubai Government and social institutions Contractors: IBM Product: Hyperledger FabricНа базе: Projects based on blockchain technology Second product: IBM Cloud Project date: 2017/02
|
In February, 2017 IBM announced development of blockchain technology by request of the authorities of Dubai, one of the world's largest shopping centers. The new solution will help the city to monitor transportations of goods and financial transactions.
IBM begins cooperation with state bodies on behalf of customs service of Dubai (Dubai Customs) and service of trade of Dubai (Dubai Trade) and also several companies among which — Emirates NBD (the largest bank in Dubai), DUTECH IT company, logistic company Aramex and one of local airlines which name is not revealed. Through joint efforts they will study a possibility of use of a blockchain in spheres of trade and finance.
In particular, participants of an initiative pursue the aim to create on the basis of the Hyperledger Fabric project and cloud infrastructure IBM technology which will be able to trace in real time a status of goods and the status of their delivery to the destination. It is going to reduce significantly the volume of paper documentation at the expense of so-called smart contracts (smart contract).
Such technology will allow to increase security and transparency of trade and financial transactions and also to reduce fraud, including money muling, the senior vice president and the director of research Arvind Krishna said.
 | We are glad to take part in creation of an ecosystem for process optimization of calculation for the international trade operations using futuristic blockchain technology, the having potential to change of how we do business between heterogeneous structures — the Chief information officer of Emirates NBD Ali Sajwani reported. |  |
The government of Dubai spoke about big plans concerning a blockchain more than once. So, in 2016 the statement that to the 2020th all transactions in the city will be transferred to this technology for achievement of the most effective work of local state bodies was made, The Wall Street Journal notes.[1]
Notes
| The site content is translated by machine translation software powered by PROMT. The machine-translated articles are not always perfect and may contain errors in vocabulary, syntax or grammar. Read original article If you find inaccuracies or errors in the results of machine translation, please write to editor@tadviser.ru. We will make every effort to correct them as soon as possible. |