Dubai Encourages Businesses to be Part of the 2020 Blockchain Consortium Focused on KYC

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Dubai will be the first-ever government powered by Blockchain.

In 2017, Dubai made global headlines when it shared its plans of becoming the first-ever government powered by Blockchain. As part of the initiative, the government also wants to see new partners from different industries joining the Blockchain revolution.  On July 31, Emirates News Agency published a report that highlights the city’s continuous effort. The Dubai International Financial Centre had recently partnered with other two financial institutions, Mashreq Bank and Norbloc.

Notably, the Dubai International Financial Centre is the most established financial hub in the Middle East.  Mashreq bank, on the other hand, is UAE’s oldest privately-owned bank. In May 2017, the bank began adapting the Blockchain technology to enhance its operations and services. Lastly, Norbloc is a Blockchain project with an initial focus on KYC. The firm, which is a Hyperledger Consortium member, is headquartered in Stockholm. According to the report, the goal of the new collaboration is to launch a KYC (Know-Your-Customer) data-sharing association in 2020. The consortium will be based on the Blockchain. 

A consortium agreement will be established to ensure that all the KYC efforts of future participants, as well as the government institutions, will be merged as one. There will also be a sole KYC record that can be accessed by the users using an authenticated electronic ID. This scope of the project will enable members to share data with other financial bodies.

The DIFC’s CEO, Arif Amiri, said that the 2020 KYC Blockchain Consortium aims to explore the full potential of the innovative technology. They want to help both existing and newly established businesses in providing the best possible customer experience to everyone.

Other proof that Dubai is moving towards innovation at a rapid pace is the joint initiative between the Dubai Chamber of Commerce and Industry and DP World UAE. Notably, DCCI launched a platform that aims to eliminate the persistent vulnerabilities surrounding the global trading system. Also included in the objectives of the new partnership is to promote Blockchain-based trade solutions.

Meanwhile, the Dubai Land Department decided to collaborate with Etisalat, a telecommunications firm. The two parties agreed to explore the benefits of Blockchain technology for real estate and both signed a “memorandum of understanding.” The goal is to develop a real estate industry that runs on digital contracts and paperless management.

 

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