Dubai Chamber of Commerce and Industry has signed a memorandum of understanding (MoU) with the International Chamber of Commerce (ICC) and Singapore-based blockchain startup Perlin.

ICC teamed up with Perlin in April this year to look into the ways in which it can utilize blockchain technology to continue its mission to facilitate the free flow of goods.

By signing the MoU, Dubai Chamber has become the first chamber of commerce in the world to offer blockchain solutions developed by ICC and Perlin’s Centre of Future Trade (CoFT) to its members and regional partners.

According to the terms of the MoU, Dubai Chamber has exclusive rights to provide CoFT blockchain trade solutions to businesses in the Middle East and Africa region. The solutions will bring a number of benefits and competitive advantages to companies, such as improved trade processes, reduced risks, better traceability of supply chains and enhanced competitiveness.

HE Hamad Buamim, President & CEO of Dubai Chamber of Commerce and Industry and Chairman of the ICC – World Chambers Federation (WCF), said that the collaboration will help remove trade barriers, improve supply chain efficiency and boost the participation of MSMEs in global trade.

“Dubai Chamber is proud to be the first chamber in the world to adopt and offer state-of-the-art blockchain solutions that simplify trade, improve ease of doing business and enhance economic competitiveness. This technology introduces plenty of far-reaching benefits for our members and regional partners, while it also has the potential to revolutionise the global trade landscape,” he said.

The blockchain solutions will support Dubai Chamber’s Digital Silk Road platform, a Dubai 10X initiative that aims to place the emirate at the forefront of trade innovation as it joins a handful of cities such as Singapore, Hong Kong and Rotterdam which are leveraging blockchain technology to advance trade systems.

“Working with ICC, Singapore Government and extremely active business organisations like the Dubai Chamber, Perlin will help enterprises integrate world-leading blockchain technology into their operations. This includes helping enterprises of all sizes – from multinationals to micro-, small- and medium-sized businesses across all industries – to better participate in the global economy,” Dorjee Sun, CEO of Perlin said.