Global Blockchain Technologies has announced that it has been granted license to develop blockchain-based services and solutions within the Dubai Multi Commodities Centre (DMCC) Free Trade Zone. The Free Trade Zone is host to over 15,000 companies that employ an estimated number of 60,000 people who hail from over 170 countries.
Global Blockchain seeks to accomplish the task through Blockchain Technologies DMCC (BTD), a subsidiary of the Canadian blockchain giant based in Dubai.
Infrastructure and software
The license gives BTD permission to develop a range of solutions for customers in the region who, as the company says, are free to join BTD in implementing projects related to blockchain technology.
This move comes at an opportune moment as the UAE is implementing a strategy which seeks to put Dubai at the forefront of the blockchain crusade. The government of the region has plans to incorporate the Distributed Ledger Technology (DLT) in its operations, which will make it to be the first government to do so.
To this end, Global Blockchain will be tasked with finding the opportunities that promote the technology. This will include using the technology for “trade finance and supply chain solutions for commodity deals, distributing renewable energy resources, diamond trading and provenance authentication, and building a spot market for gold bullion trading.”
In a bid to drive its economy, the government of Dubai instituted the Dubai Multi Commodities Centre for the sole purpose of enhancing the ease of commodity trades in the tiny Arab country. According to the statement by the Global Blockchain, the zone sets the course for stronger and deeper penetration of this market by BTD. The company believes that the DMCC is the “most meaningful platform for BLOC to market its offerings in a manner that could greatly benefit commodity based companies in the region looking to blockchain technology to digitize trade, enhance trust, decrease costs and save time.”
As a testament to its effectiveness, the DMCC was named ‘Global Free Zone of the Year’ in 2017 for the third year consecutively.