The bank, which is one of the largest banking groups in the Middle East in terms of assets, will provide trade finance solutions for the Digital Silk Road, a Dubai 10X initiative, which uses blockchain technology to digitize trade processes in Dubai.
The Dubai Chamber of Commerce and Industry (DCCI) has signed a memorandum of understanding (MoU) with Emirates NBD.
Middle Eastern news daily Saudi Gazette reported on Oct. 14 that the DCCI, which acts as an international business hub in Dubai, has signed an MoU with Dubai government-owned bank, Emirates NBD.
Dubai 10X is a program wherein various departments of government are tasked with researching and applying new and disruptive technologies to their administration and operations.
Hamad Buamim, president and CEO of DCCI, reportedly said that the agreement with Emirates NBD is a major step forward for the initiative, adding:
“Trade finance remains one of the most important tools used today to facilitate international trade and commerce as it simplifies transactions for importers and exporters.”
The DCCI had signed an MoU at the beginning of July with the International Chamber of Commerce and Singapore-based blockchain startup Perlin to promote the adoption of blockchain trade solutions.
That same month, the DCCI entered another partnership with the Dubai International Financial Centre, Mashreq Bank and fintech firm Norbloc to launch a blockchain-based Know Your Customer data-sharing consortium in 2020.
Dubai real estate on the blockchain
In June, Cointelegraph reported that the Dubai Land Department and telecoms firm Etisalat signed an MoU concerning blockchain technology for real estate, with the intention to implement smart government standards and introduce paperless management and digital contracts for property transactions.
EEA Publishes Blockchain Uses for T-Mobile and Other Major Telecoms
The Enterprise Ethereum Alliance (EEA), an organization that aims to establish standards in the blockchain sector, has published a collection of use cases for blockchain in telecommunications.
Blockchain solutions for telecoms
The EEA shared the announcement with Cointelegraph on Aug. 28. According to the announcement, the new document on blockchain solutions in the telecom industry was created by the EEA Telecom Special Interest Group (SIG).
This document is free and open to the public, and reportedly contains information on how blockchain technology can streamline business transactions and internal operations in telecommunications. Additionally, the document purports to show how so-dubbed standards-based decentralized applications can decrease fraud risk, in addition to more direct monetary benefits.
Use cases and contributors
Additionally, the document contains a number of detailed use cases for blockchain solutions in telecoms, including the following: Blockchain-Based Telecom Call Roaming User Authentication; Blockchain-Based Telecom Call Roaming Reconciliation; and Data Privacy and Monetization, among others. EEA Telecom SIG member Dr. Andreas Freund of ConsenSys remarked:
“These telecom use cases allow the EEA to identify the building blocks, automated contracts, and standards needed to drive the next generation of Ethereum-based telecom applications … Our goal is to educate EEA members along with global telecom professionals to the uses and benefits of EEA standards and Enterprise Ethereum blockchain technologies while fostering industry cooperation and interaction.”
A number of major telecom groups helped to create this document, and EEA Executive Director Ron Resnick commented on some of these notable contributors. He said:
“On behalf of the EEA and the EEA Telecom SIG, we would like to thank T-Mobile, SK Telecom, KDDI, and ConsenSys for their extensive contributions. We hope that other global telecom leaders will join the EEA Telecom SIG’s efforts to expand upon this important work.”
Prior work by the EEA
As previously reported by Cointelegraph, the EEA published a document on blockchain use cases in the real estate sector in May. Over 50 real estate companies contributed to the project, which contains four main use cases for blockchain in real estate. These use cases are property tokenization, token-enabled marketplaces, a standardized property data system and a use case to speed up the recording and transferring properties.
