Intelligent CIO Middle East Issue 47 | Page 50

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. 50 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