Dubai Airport Freezone Authority (Dafza) has developed Dubai Blink, the world’s first B2B smart commerce platform, which will utilize artificial intelligence (AI), blockchain technology and virtual business licenses, allowing companies from around the world to connect and trade via Dubai.

As one of Dubai 10X initiatives, Dubai Blink was presented to Dubai Free Zones Council, which is being chaired by Sheikh Ahmed Bin Saeed Al Maktoum.

Dubai Blink will transform the future of global supply chains by creating a new trade platform for global free zone companies. The project offers a new form of e-commerce known as smart commerce, which utilizes Artificial Intelligence algorithms and Internet of things technology that will drive innovation within supply chains, placing Dubai and the UAE in unique positions at a global level.

The initiative will enable both global companies and small and medium-sized enterprises (SMEs) to set up digital businesses in Dubai free zones without the need to be physically there. Blink will be replacing the existing trade licensing solutions empowered through process innovations and technologies by introducing virtual company formation.

The announcement comes in support of Dubai and the UAE’s vision to create smarter digital economies driven by innovation and technology. It is expected that the value of global B2B e-commerce will reach $7.7 trillion in 2017.

The Free Zone Council accepted Dafza’s proposal to form a joint team from free zones to work with government entities in an integrated and interactive way on the project. This is expected to stimulate and grow foreign direct investment in Dubai and allow the free zones to operate more efficiently.

Sheikh Ahmed bin Saeed Al Maktoum said: “The Dubai Blink project will be one of the most innovative models for the future of global supply chains and e-commerce across the free zones. It will help boost trade for companies operating in Dubai›s free zones, which have chosen the Emirate as a platform for growth and prosperity.”

“We have directed the free zones to form a joint team to unite our efforts and expertise to make Dubai Blink a success and help achieve the aims of the Dubai10X initiative – to make Dubai 10 years ahead of its time. This comes in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The work that is being done between the free zones and government agencies will help create a new model for smart commerce in the international industry as well an attractive future for foreign investments within the free zones of Dubai.”

Dubai Blink will speed up trade in free zones by providing comprehensive solutions for companies to search for services and products, negotiate, and make purchases online via a unified platform using blockchain smart contracts and machine learning. The first issue it will help solve is around identification. Currently, there are lengthy supplier identification and validation processes. AI algorithms will provide researchers tailored results in a fractional time.