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MarketScreener Homepage  >  Equities  >  Dubai Financial Market  >  Aramex    ARMX   AEA002301017

ARAMEX

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Dubai government, companies team up with IBM on blockchain project

02/07/2017 | 04:08am EST
An aerial view of Khalifa Port is seen in Abu Dhabi

DUBAI (Reuters) - Dubai, one of the world’s largest trading hubs, has linked up with IBM (>> International Business Machines Corp.) to launch a scheme using blockchain computing technology to process transactions and keep track of goods being shipped, IBM said on Tuesday.

DUBAI (Reuters) - Dubai, one of the world’s largest trading hubs, has linked up with IBM (>> International Business Machines Corp.) to launch a scheme using blockchain computing technology to process transactions and keep track of goods being shipped, IBM said on Tuesday.

The initiative will provide real-time information about the state of goods and the status of their shipment to Dubai's customs and trade agencies and companies involved in the trade process, IBM said.

Dubai, which registered 647 billion dirhams ($176 billion) of non-oil trade in the first half of 2016, has cemented itself as one of the largest re-export centres for goods flowing between Asia and the Middle East and Africa.

IBM said it was also working with companies including du (>> Emirates Integrated Telecmnctns Com PJSC), a United Arab Emirates-based telecommunications firm, Dubai's largest bank Emirates NBD (>> Emirates NBD Bank PJSC), Spanish lender Banco Santander (>> Banco Santander, S.A.), Dubai-based logistics firm Aramex (>> Aramex PJSC) and an unidentified airline on the scheme.

Blockchain, which originates from digital currency bitcoin, works as an electronic transaction processing and record keeping system that allows all parties to track information through a secure network, with no need for third-party verification.

Proponents think it could make transactions faster and safer, and have a wide range of applications.

The Dubai deal follows a plan announced in February 2016 by the government there to become a centre of blockchain.

IBM said the two banks taking part in the project would use blockchain for trade finance transactions involved in the scheme.

Both banks already have links with the technology. Emirates NBD said in October it was working with India's ICICI on a pilot project to use blockchain for global remittances and trade finance.

Banco Santander has been involved in various blockchain projects, but in November opted out of the latest fund-raising for blockchain consortium R3 CEV after being an original participant in the consortium.

($1 = 3.6729 UAE dirham)

(Reporting by Tom Arnold; Editing by Mark Potter)


© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
ARAMEX -0.46% 4.34 End-of-day quote.-0.91%
BITCOIN - EURO -2.59% 26085.735 Real-time Quote.12.92%
BITCOIN - UNITED STATES DOLLAR -3.08% 31591.16 Real-time Quote.12.01%
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LINE CORPORATION 0.00% 5350 End-of-day quote.0.00%
S&P AFRICA 40 INDEX -0.97% 172.89 Delayed Quote.1.36%
TEAM, INC. 0.09% 11.45 Delayed Quote.5.05%
THE COMMERCIAL BANK (P.S.Q.C.) -2.18% 4.301 End-of-day quote.-2.25%
WORLD CO., LTD. -0.91% 1307 End-of-day quote.4.31%
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