Dubai to Unveil KYC-Centered Blockchain Consortium for Enterprises in 2020

A blockchain-powered Know Your Customer (KYC) data-sharing consortium is planned to be launched in 2020 through a partnership between Mashreq Bank, Dubai International Financial Centre (DIFC), and fintech firm Norbloc.

The Stockholm-based blockchain venture, centered on KYC, intends to launch the project in the first quarter of 2020 to assist businesses in Dubai.

The Hyperledger consortium based project intends to bring together the KYC related activities of government organizations and financial institutions, which participate in the future.

Regarding the initiative, the CEO of the DIFC Authority, Arif Amiri issued the following statement:

“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.”

Earlier this month, the Dubai Chamber of Commerce and Industry (DCCI) has entered into a partnership program to encourage the adoption of blockchain trade solutions that will assist the DCCI’s recently unveiled Digital Silk Road platform, which intends to apply blockchain tech to remove key issues in the global trading infrastructure.

In June, the Dubai Land Department and telecoms firm Etisalat entered into a memorandum of understanding concerning blockchain technology for real estate. Both parties stated that they intend to enforce smart government standards and unveil paperless administration and digital contracts for property dealings.