COUNTRY FOCUS: UAE
concepts of airport operations such as
Airport Collaborative Decision Making
(ACDM) and Total Airport Management.”
In its initial phase, the system will
focus on situational awareness of the
airfield, particularly around aircraft
flow. Key capabilities of the system
during this phase include monitoring
and visualising airfield activity including
aircraft and vehicle movements,
status of aircraft stands, flight data
information, arrival, turnaround and
departure processes, alert generation
and performance analysis.
Dubai Airports is working on the next
phase of the system which will focus on
passenger and baggage flows within
the terminals.
The use of real-time information and
advanced smart gates is already helping
enhance customer experience at DXB. In
Q1 of 2019, the airport reduced customer
wait-times by 30% as a direct result of
these systems.
ADCB launches real time trade
finance for customers on dltledgers
Blockchain platform
T
he UAE’s Abu Dhabi Commercial Bank
(ADCB) has digitised trade finance for
its customers using the Singapore-based
dltledgers Blockchain platform.
ADCB, the third largest bank in the UAE,
has reported completion of its first live
end-to-end trade in Blockchain, moving
cross-border goods for Western Red Spring
Canadian Wheat worth US$6.5 million
(AED25 million), from Canada
to Bangladesh.
ADCB is the first bank in UAE to run the
end-to-end Blockchain trade finance
transaction with full document automation
through the dltledgers platform, offering
corporate customers efficiencies and faster
access to cash.
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INTELLIGENTCIO
Krishnakumar Duraiswamy, ADCB’s Group
Head of Trade Finance, said: “By joining
the fastest growing dltledgers Blockchain
platform for cross-border trade, the bank
is able to re-imagine trade finance for its
customers. This private network allows ADCB
to service corporate customers in real time,
increasing transparency and building cross-
border interconnectivity.”
ADCB’s private network provided end-to-end
trade visibility across the entire life cycle
of the transaction with authenticated and
consented digitised documents at every step.
The transaction flow mirrors the traditional
letter of credit process, involving agreeing
the terms, the application, the issuance,
the advising, the amendment request and
its approval, the document presentation,
the discrepancy resolution, and the bill
settlement instructions. The efficiencies
stem from using a single Blockchain
network for all participants, instead of
relying on multiple systems.
As global trades intertwine and evolve,
demands for a networked and collaborative
model will intensify. Not only do
transactions need to be seamless and
safe, clients are increasingly looking for
innovative solutions that save them time
and costs. Using the dltledgers platform,
ADCB is able to offer its corporate
customers greater confidentiality, the ability
to keep a closer tab on the flow of the goods
and documentation, faster turnaround and
enhanced fraud prevention. n
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