Multiple Dubai Firms Ready to Launch a KYC-Focused Data Sharing Blockchain Consortium in 2020

As many of our regular readers may recall, late last month, Dubai’s Etisalat signed an official MoU relating to blockchain technology and its potential use within the nation’s real estate sector.

  • Recently, the Dubai Chamber of Commerce and Industry (DCCI) signed an agreement with the ICC and blockchain firm Perlin so as to help promote the use of blockchain tech across the MESA region — i.e. the Middle East and Africa.
  • Additionally, the DCCI recently launched a platform called ‘Digital Silk Road – DSI’ which is designed to rectify many of the major vulnerabilities that currently exist within today’s global trading ecosystem.

According to a new report released by the EMA (Emirates News Agency) late yesterday afternoon, the DIFC (Dubai International Financial Centre) has just entered into an agreement with Mashreq Bank as well as fintech firm Norbloc so as to launch an all-new decentralized KYC data-sharing consortium by the end of 2020.

Also at this point in the article, it is worth mentioning that Norbloc is a Stockholm-based blockchain project that focuses on KYC-related matters.

Not only that, but the firm is also part of the Hyperledger consortium — an open-source collaborative effort that has been established to spur the development of cross-industry blockchain technologies in a streamlined manner.

The aforementioned project will help in bringing together the KYC efforts of various participating financial institutions as well as government regulatory agencies. It is being reported that the consortium will allow for the creation of a “single digital KYC record” which can be verified through the use of an electronic ID.

In relation to this entire development, Arif Amiri — the CEO of DIFC — was quoted as saying:

“This initiative provides a unique opportunity to harness innovative technology to deliver a seamless experience for both newly established and existing companies at the centre.”