Blockchain technology is currently of great interest to move governments. The UAE is the latest to try and establish an official governing body.
More specifically, Dubai now has its own Know Your Customer blockchain consortium.
A Major Blockchain Consortium in the UAE
This consortium consists of six major local banks.
All of those financial institutions will try to explore the benefits of distributed ledgers.
As a regulatory platform, it will aid in exchanging digital customer data and documents.
It is also an attempt to streamline KYC processes in the region.
This is only the first step in the UAE, as major developments loom on the horizon.
Launching this new platform will occur at some point in Q1 2020.
Among the partner banks are HSC, Abu Dhabi Commercial Bank, and Emirates NBD.
Through this new platform, the overall business segment in Dubai and the UAE should receive a big boost as well.
In this modern era of digital transformation, blockchain technology can play a crucial role.
Other countries in the region are also betting big on blockchain, albeit their exact plans remain shrouded in mystery.
As this platform goes live, one has to wonder if the cryptocurrency industry can benefit as well.
The UAE has prominent crypto regulation in place already, and remains open-minded toward Bitcoin.
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