DAFZA announces Dubai Blink global trade platform
Freezone authority will launch international trade platform using blockchain and AI
Dubai Airport Freezone Authority (DAFZA) has announced the development of Dubai Blink, a new B2B smart commerce platform.
The Blink platform will utilise artificial intelligence (AI), blockchain technology and virtual business licenses, to allow companies around the world to connect and trade via Dubai.
The platform has been launched as part of the 10X program, Dubai government's plan to put itself ten years ahead of other governments. Dubai Blink was presented to Dubai Free Zones Council, which is being chaired by His Highness Sheikh Ahmed Bin Saeed Al Maktoum.
Dubai Blink is intended to overcome a number of barriers to global trade, DAFZA said. The platform will enable companies to search for services and products, with machine learning for better results, and to negotiate, and make purchases online via a unified platform using blockchain smart contracts and machine learning. Authentication and smart contracts based on the platform will mean less delays for supplier identification and validation processes.
The platform is also intended to overcome international trade barriers, regulations and transaction fees which add unnecessary layers of complication to B2B commerce.
Another aspect of Dubai Blink is that companies which are not physically present in the Dubai Free Zones will be able to set up ‘digital businesses' under Dubai free zones, and trade using a ‘Cloud trading licence'.
DAFZA said this will enable them to explore the commercial opportunities offered by Dubai without the need for an actual presence on the ground, allowing companies to sample and test the regional market and explore the opportunities provided in Dubai.
Blink will also be replacing the existing trade licensing solutions
His Highness Sheikh Ahmed bin Saeed Al Maktoum said: "The Dubai Blink project will be one of the most innovative models for the future of global supply chains and e-commerce across the free zones. It will help boost trade for companies operating in Dubai's free zones, which have chosen the Emirate as a platform for growth and prosperity."
DAFZA Director General, HE Dr Mohammed Al Zarooni said: "Dubai Blink will be a gateway to leverage free zone assets, network, and connect with trusted providers of product or services to evolve your business. It will be an integrated platform that will allow businesses to manage supply chains and transactions, underwritten by the speed, truth, and reliability of blockchain smart contracts.
"The project will enable virtual company formation to operate business, supply chain, and services in an interconnected world. It is an end to end platform that operates and analyses the performance and health of businesses from a web or mobile app. Dubai Blink's most important quality will be its role in meeting the needs of the future. It has become clear to everyone that the future of world trade will be in the digital era. As such, this platform will position Dubai as a leader in driving future global trade in the digital world."
"The project will be implemented within the time frame set by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council - which is 24 months since the project was announced last February at the World Government Summit. DAFZA will work closely with key government and industry stakeholders to study best practices to enable Dubai Blink to achieve its economic and commercial objectives in" added Al Zarooni.