The Silk Road, once connecting China with Europe, gets a second wind – this time with the help of digital technologies in Dubai. Digital Silk Road project was presented by the Dubai Chamber of Commerce and Dubai Future Foundation. The new system is designed to eliminate a number of complexities in the international trading system.
According to the Chamber of Commerce, this technology will make the process of goods delivery even more transparent, in addition, some processes in it will be fully automated. Also, the project aims to improve the security of all processes, accelerate routine procedures, further decrease the amount of trade in counterfeit goods and provide all the necessary information on the movement of goods to all parties.
Dubai authorities, in particular, Sheikh Hamdan bin Muhammed bin Rashid Al Maktoum, are striving to bring the city to the world’s leaders in the introduction of modern digital technologies in all areas of life.
The project is expected to be fully operational within eight months. The customs service of the Dubai Emirate, the local CCI and representatives of government organizations in the US and the Netherlands are also engaged in the work.
The government of Dubai consistently introduces new legislative acts and technologies aimed at developing trade in the region, since it is a very important sector in the country's economy. The "Dubai 10X" strategy developed here aims to make the city ten years more technologically advanced than the rest cities of the world, and Digital Silk Road is part of this program. Here all efforts are directed to simplify and accelerate all bureaucratic procedures as much as possible.
The ambitious project of the New Digital Silk Road, according to its developers, should no less than "rewrite the history of world trade" - a very daring project, even for those accustomed to innovations in Dubai.
The functionality of the new platform will allow one to track transactions, and minimize all processes while ensuring maximum security and reliability. As a result, thanks to Digital Silk Road, the intensity of international trade in the region will increase even further.