Dubai Debuts Nationwide Data Platform Powered by Blockchain

• UAE debuts a blockchain-based Know Your Customer (or KYC) platform

• Dubai’s Department of Economic Development and state-run bank Emirates NBD are rolling out their UAE KYC Blockchain Platform

• 120 local firms already signed up for the platform with Emirates NBD

• The new blockchain platform is designed to unlock digital customer onboarding, instant bank account functions, and verified KYC data sharing between licensing authorities and financial institutions

Source: CoinTelegraph

By Vivek Jain

Analyst at Axis Bank