Dubai Chamber of Commerce and Industry has partnered with the Dubai Future Foundation to develope the Digital Silk Road project. The aim is to reshape supply chain management and bring the much needed transparency to the system.

According to Khaleejtimes the main scope of the project is to “support entrepreneurs in enhancing their capabilities, accelerate business transactions, increase security and reduce trade in counterfeit goods, and provide reliable information to parties anywhere and anytime.”

The project is part of the Dubai 10x movement, which has been founded by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The 10x has brought together Dubai government entities to research new technologies and disruptive innovations and to build upon them. This means that they will develop new systems for the world to use thus reinforcing Dubai’s state as one of the financial hubs.

The Digital Silk Road plans to reshape the global trading system through blockchain technology, which will help it overcome issues such as elevated costs, lack of transparency and security.

“The Dubai 10X approach offers a way to overcome all the challenges and current constraints facing the trade sector by introducing a unique system,” said Hamad Buamim, CEO of Dubai Chamber of Commerce and Industry. “We have been able to develop a project that is aligned with the vision of the initiative and meets Dubai’s need for a platform that facilitates more cost-efficient, safer and faster trading. We can avoid all obstacles and unnecessary procedures and enhance our role as a trading chamber by using the latest technologies such as blockchain.”

The platform is going to help with transactions, digital authentication, smart contracts and secure asset transfer.

For a full list of 10x approved projects check the official website.