Digital Silk Road
Mastering the 4IR to address Complexities & Inefficiencies in Global Trade
With massive counter competition from virtual banking solutions, banks are under immense pressure to boost efficiency and optimize the resources.
To meet these demands, robotic process automation technology (RPA) has become a powerful and effective tool for banks to retain their competitive advantage in the race to digital transformation.
Unified Trader Registration
Traders in Dubai had to register themselves with several government entities including respective Licensing Authorities, Dubai Trade, Dubai Chamber of Commerce and Industries(DCCI), Port Authorities (DP World) and Dubai Customs. Each of these entities used to view traders in silos and fragments through their respective IT Systems. As the first building block of DSR road map, Itoo unified trader’s registration and details across all entities in a seamless manner.
Using blockchain’s inherent consensus mechanism, a trader’s registration detail from their licensing authority (JAFZA -Jebel Ali Free Zone Authority) are relayed across all entities, thereby saving the trader from the hassle of time-consuming separate registrations.
On the other hand, all government entities are sure that they have uniform details and data about the trading enterprise for any import or export transaction(s).
Export Authorization
Export Declaration is a complex process that requires numerous documents and certificates issued by different government entities. Through DSR Export Authorization process has been completely digitized. Export documentation and certificates – such as Certificate of Origin, Export Declaration, Packing List, Invoice etc are seamlessly shared and synchronized between all participating entities.
Digitizing Export Authorization process brings huge efficiency to Exporters in terms of their export paper work and approvals’ time-around-time at different government entities.
Furthermore, shipment and container details from port authorities (DP World) are relayed back to all participating entities across all stages of the export process, thereby ensuring that all relevant entities’ records are in-synch and up to date for every shipment.
As mentioned above, DSR is a multi-year program. Itoo teams are working closely with DCCI, DP World, Dubai Customs and numerous private organizations to further enhance DSR by constantly adding new use cases and digital journeys.
In line with Dubai Government’s and leadership’s vision DSR is envisioned to be a pioneer and model trade-automation and facilitation platform globally.
What we solved together?
- High costs
- Lack of transparency
- Lack of security in business transactions
Explore Digital Silk Road!
Powered by blockchain technology, the Digital Silk Road uses a comprehensive automation process to enhance the transparency and efficiency of supply chains. The smart system is designed to simplify trade procedures, remove trade barriers and improve ease of doing business in Dubai.