The UAE is continuing its efforts to boost the blockchain industry. The Department of Economic Development (DED) has formed a blockchain-based consortium with six leading banks.
The ‘Know Your Customer (KYC)’ project aims to accelerate some processes such as exchange of customer data while ensuring high-level security.
The blockchain-powered platform would go live in the first quarter of 2020. It aims to boost business and compliance with regulations in the country.
For his part, Ali Ibrahim, DED’s deputy director general, said the project aims to bring more investments to the region, adding:
“Our strategic alliance with banks to launch the first KYC blockchain platform in the UAE is an important step towards continuing to attract investors to this market.”
The project comes in line with an expected rise in the region’s blockchain spending. Governments across the Middle East and Africa would see nearly 400% jump in blockchain investments in four years.
Blockchain adoption may save $3bn for UAE
Cryptolydian earlier reported a survey stating that the UAE can save over AED 11 billion ($3 billion) through adopting the cutting-edge blockchain technology.
The paper, entitled “Inclusive Deployment of Blockchain: Case Studies and Learning from the United Arab Emirates” was jointly prepared by Dubai Future Foundation, C4IR UAE and the World Economic Forum.
The survey aims to highlight the current deployment phases in the ecosystem as well as the relevant challenges and success factors.
Thus, it seems that the UAE focuses on the blockchain industry as it was reported that 80% of public and private entities adopt such cutting-edge technology widely.
Meanwhile, Dubai had earlier announced details of its new cryptocurrency ‘emCash’ that is aimed at paying for public and private services in the city.
Moreover, Abu Dhabi’s market regulator has given an in-principal approval to the Arabian Bourse to establish a full-fledged crypto asset exchange and custodian.