DIFC CEO discusses UAE Blockchain strategy

80 percent of private sector in the UAE are using blockchain

In a recent interview published on International Finance with the CEO of UAE's DIFC ( Dubai International Financial Center) Mr. Arif Amiri discusses the UAE Blockchain strategy. According to the UAE 2021 Blockchai strategy the government intends to digitize 50% of government transactions utilizing blockchain when applicable. According to the interview Mr. Amiri stated, “The UAE’s Blockchain Strategy 2021 relates to getting government transactions on blockchain platforms.”

DIFC was one of the first to implement KYC (know your customer) consortium utilizing Blockchain. The blockchain platform was built by Norbloc which has also worked on other KYC projects in the UAE. Amiri explains that this consortium governs KYC efforts between banks, government, financial institutions, and licensing authorities. He adds already 80 percent of private sector entities in the UAE are using blockchain.

He states in the interview, “the consortium’s efforts go beyond government entities and help private companies accelerate their adoption of blockchain,” He adds, "In fact the creation of KYC blockchain has the potential to support companies and banks organise their operational structures. If companies start using the blockchain platform it will enable them to digitally build a single KYC record authenticated with electronic ID for simultaneously sharing it with other financial institutions."

Amiri said that the platform will be “making it faster and more efficient for them to get up and running. Sharing data through blockchain will enhance the quality and integrity of corporate KYC information, reduce the cost of data verification and simplify the customer experience.”

Also, the consortium is anticipated to support profitability and franchises of the UAE banks by enhancing customer service on many levels. In Amiri’s view, it made perfect sense to launch the first-to-market blockchain solution in the country as “the UAE, Dubai and DIFC are always looking for ways to make it easier for people to do business here.”

In terms of DIFC ( Dubai International Financial Center) Amiri in the interview claims, " DIFC is promoting blockchain, we also provide a leading legal and regulatory framework that encourages companies to innovate, test and use blockchain technologies.”