Dubai Government Partners with IBM Over Blockchain Trade Finance Project

On February 7th, Dubai Government announced its partnership with technology giant IBM to launch a blockchain initiative for trade finance, according to Crypto Coin News. The project could impact shipments and transactions of goods in Dubai as a hub for shipments between Asia, the Middle East, and Africa.

The private companies involved in the project include Dubai’s largest bank Emirates NBD, Spanish banking giant Banco Santander, UAE-based telecom provider ‘du’. Blockchain technology began developing in UAE through a recent healthcare initiative to store patient records on a blockchain shared between hospitals in the nation. Freight forwarded Aramex, a major player in the logistics and shipping industry is also involved in the trade finance test.

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