Dubai Customs has announced the launch of an industry-specific blockchain platform that will enable customs officials to ensure operational control and transparency of trade operations both in Dubai and internationally.

The platform, proposed by United Arab Emirates (UAE) company Avanza Innovations, is expected to provide secure and tamper-proof data exchange.

The technology can be used to speed up customs clearance and control of commercial transactions, and will also optimize costs by reducing the time required to prepare accompanying documents on paper.

Customs officials noted that the platform will help strengthen Dubai’s position as a global logistics hub, as the inherent transparency of blockchain will help build trust between trading parties throughout the entire commercial process. For example, by allowing counterparties to gain trusted access to the necessary secure records and verify them independently.

In addition, blockchain will allow tracking the movement of goods in real time, which will provide greater transparency in the supply chain and help combat fraud.

Earlier, the Dubai Financial Services Authority (DFSA) changed local legislation to simplify the regime for offering cryptocurrencies and tokens to local investors, as well as reduce fees for its services.