The KYC platform will support major banks and over 120 companies will verify customer identity

According to a recent press release, Dubai’s KYC (Know Your Customer) blockchain platform is located in the United Arab Emirates, following its announcement in the second quarter of 2020. The project is managed by the Central Bank of the United Arab Emirates, 120 companies and numerous active banks are already on board the platform.

Omar Bushahad, CEO for Company Registration and Licensing at the Dubai Ministry of Economic Development, announced:

„We are very proud to announce that the UAE KYC blockchain platform is now ready for production. Over 120 companies are already ready to go live immediately from NBD with active and operational bank accounts. This is one of the initiatives contributing to the number one agenda of the Dubai model which focuses on improving the customer experience“.

According to the report, in Phase 1, all trading licenses for Dubai were transferred to the blockchain, representing approximately 40% of all trading licenses in the UAE. The blockchain has provided banks and other financial institutions with new ways to access customer data and real-time updates instantly.

The paper also discusses how the blockchain initiative could contribute to the economic recovery from COVID-19.

Norbloc CEO Astyanax Kanakakis commented:

„(…) The UAE is one of the first countries to take significant steps to create a low-touch digital economy with simplified processes to ensure that business can continue to thrive in the post COVID environment.“

The race is on

The UAE government plans to digitize 50% of government transactions using the blockchain by 2021, and a blockchain Council, consisting of various financial and non-financial sectors, has been formed to take advantage of the blockchain’s benefits in increasing efficiency and reliability.

This narrative is very similar to that published in China in 2018. Two blockchain powerhouses could potentially compete with each other to drive blockchain integration not only industry-wide, but also nationally or even globally.

Through various forms of blockchain deregulation and implementation, China and the UAE could revolutionize the blockchain industry. By streamlining the use of blockchain in government and corporate functions, a model will be established for countries that have recently recognized the benefits of blockchain. Integration could also be encouraged in countries such as Australia and Japan.