Global Blockchain Technologies said in a press release on Thursday that its Dubai-based subsidiary has been given the go ahead to develop blockchain-based solutions within the DMCC free trade zone.
Global Blockchain Technologies’ (CSE:BLOC) ventures into the Dubai market are officially making headway, with the company announcing on Thursday (August 16) that its Dubai subsidiary has been granted approval to license blockchain-related solutions in the region.
According to the press release, Blockchain Technologies (BTD) was given the go ahead by the Dubai Multi Commodities Center (DMCC), which is a government of Dubai entity and free trade zone authority, to license and develop distributed ledger technology and other solutions within the DMCC free trade zone.
The DMCC free trade zone is comprised of over 15,000 organizations that employ 60,000 people from 170 countries.
“We have made our relationships in this region a priority focus given the company’s view that blockchain solutions are particularly relevant and sought after in this area,” Theo van der Linde, CFO of Global Blockchain Technologies said in the release. “With the granting of this license, our presence in Dubai will expand as we drive solutions toward this new base of customers.”
With the approval, Global Blockchain’s subsidiary will be able to provide its blockchain solutions and infrastructure to Middle Eastern customers in the area who will be allowed to partner with BTD for blockchain-based projects.
Areas of interest include optimizing trade finance and supply chain solutions in trading transactions, diamond and provenance authentication, distributing renewable energy resources and creating a spot market for gold bullion trading.
Thursday’s announcement comes in the midst of the Dubai government pushing to become the first ever blockchain-based government by 2020, according to a press release from the Dubai Land Department (DLD) from last October.
“Our aim is to unite all real estate and department services on a single platform. We hope to complete our project in the year 2019-2020 and we are keen to attract parties from the private sector, particularly those that are already partners or currently work with Dubai governmental institutions,” His Excellency Sultan Butti bin Mejren, director general of DLD said in October’s release.
Other Dubai ventures into blockchain includes the Dubai media office announcing on July 31 that the Dubai International Finance Centre Courts teamed up with Smart Dubai in order to create the world’s first court of blockchain.
According to that announcement, this partnership will look to develop blockchain-powered future for the judiciary system to include streamlining the judicial process, remove document duplications and provide security across the legal ecosystem.
Indeed, Dubai is at the forefront of the blockchain revolution, and Global Blockchain Technologies is certainly well positioned to reap the benefits.
Case in point, shares of the company soared by an impressive 27.27 percent following Thursday’s announcement to close the trading session at C$0.21.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.