The Dubai Department of Economic Development and the state bank Emirates NBD announced the launch of a Blockchain-based platform.
Is this the future of the world?
This platform was first revealed in February 2020 and has been recently launched. The objective of the same is to unblock the digital incorporation of clients, the functions of instant bank accounts and the verified exchange of Know Your Customer (KYC) data between authorities and financial institutions.
The news was communicated on July 28 through a press release by Dubai Economy, where it is stated that it is a “Market leading initiative is powered by norbloc, a global leader in KYC blockchain technology.”
In addition, we are surprised to note that the platform already has more than 120 companies. And that Emirates NBD already has active and operational bank accounts.
In this sense, Omar Bushahab pointed out that this is an initiative that precisely contributes to the Number One Agenda of the Dubai Model, which “focuses on improving the customer experience”.
Blockchain with new potential in Dubai and the world
The interesting thing is that, without a doubt, this marks a key milestone for what the future will be. Especially from the point of view of an ecosystem in Dubai and the United Arab Emirates (UAE) for KYC data exchange.
For those who don’t know the term, KYC, or Know Your Customer, refers to the process of verifying the identity of customers, either before or during the time they do business.
It is also a term that is used with regulatory practices to verify the identity of the bank’s customer. In this way, the client’s risk can be evaluated and monitored.
Therefore, the launch of this new platform by the country should not surprise us. In fact, as the statement points out, Dubai is aligned with “The government’s vision of digitization and paperless as crucial strategies that allow continuity and sustainability.”
In this sense, the Blockchain-powered platform facilitates the ability to do business in the country and that is essential in an economy.
Emirates NBD, being the first bank to be included in the platform, will be in charge of working the companies, which will allow them to incorporate digitally. But what does this mean?
This implies that, in addition, these companies can open bank accounts instantaneously through the E20 Digital Business Bank of Emirates NBD.
But this does not end here, the “Next milestone will be the launch of additional use cases from Emirates NBD and our remaining banking partners; along with the official launch of the Consortium Agreement that will govern the ecosystem ”.
Also, the initiative seeks to expand and welcome other financial institutions to join the latest effort.
Dubai and technology
In this way, the recent launch ratifies the United Arab Emirates as a major global jurisdiction for Blockchain and crypto technology.
In fact, the Islamic Bank of Abu Dhabi is the first of its kind to execute Blockchain financing distribution transactions.