IBM Implements Expanded Blockchain Initiative in Dubai

IBM (NYSE: IBM) has further expanded its Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term initiative, this time in the United Arab Emirates with Dubai Customs, Dubai Trade, in a bid to help advance Dubai’s overall government blockchain strategy, per an IBM statement.

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The initiative will also see IBM working in tandem with other leading entities in the UAE, including Emirates NBD, du, Aramex, and Banco Santander. In particular, IBM’s collaboration with Dubai Customs, Dubai Trade and its IT provider DUTECH, focus on the exploration and deployment of blockchain use.

One of the functions of such technology would be its use as a trade finance and logistics solution, dedicated to the import and re-export process of goods in and out of Dubai. The blockchain solution can help process shipment data to and from key stakeholders, helping inform them about the state of goods and the status of the shipment. This can be accomplished by the deployment of Hyperledger Fabric and IBM Cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term.

Moreover, as part of the expanded solution initiative, IBM will also be working with UAE-based telecommunications service provider du to transmit and send data to a multitude of different regional venues. The expansion of the new solution is important as it will aim to replace paper-based contracts with smart contracts, whilst leveraging Watson IoT for device-reported data to update or validate smart contracts.

According to Ali Sajwani, Group Chief Information Officer, Emirates NBD Group, in a recent statement on the solution: “The bank has always had a culture of innovation and several of the bank’s most successful products and features can be attributed to this forward-thinking mindset.”

“We are excited to participate in the ecosystem on streamlining the trade finance process using the futuristic Blockchain technology, which has the potential of transforming the way we conduct business between heterogeneous entities,” he added.

“IBM believes that blockchain will do for transactions what the internet did for information. Dubai is at the forefront of adopting this transformative technology as government agencies and businesses realize the need to have a shared secured ledger that establishes accountability and transparency while streamlining business processes,” noted Amr Refaat, General Manager, IBM Middle East and Pakistan.