The distributed ledger technology implemented on the UAE Trade Connect platform is the most successful consortium led blockchain enabled use case in the region. The platform now boasts of 11 leading banks of UAE and continues to welcoming new ones.
UTC concept ideation
Consortium forms with e& enterprise and banks
Central bank of the UAE joins the steering committee
UTC launches and goes live
Consortium grows to 10 banks
Consortium grows to 11 banks
How it works
The first use case offered on the platform is the fraud detection and identification of duplicate invoices financed by banks as part of their trade finance offering.
UAE trade connect benefits both banks and their clients by:
• Reducing fraud
• Enabling the banks to share knowledge of duplicate invoices without sharing any sensitive information
• Enhancing finance for corporates and SMEs