Following a due diligence process, Dubai government entity/free trade zone authority Dubai Multi Commodities Centre (DMCC) has licensed Global Blockchain Technologies Corp. (BLOC)’s Dubai-based subsidiary, Blockchain Technologies DMCC (BTD), to develop software, which includes distributed ledger technology (DLT)/blockchain services and solutions within the DMCC Free Trade Zone, according to a press release CoinReport received from IRTH Communications, BLOC’s investor relations firm.
The free trade zone is home to over 15,000 multinational corporations and has over 60,000 employees from 170 countries.
BTD, says the release, is now in a position to deliver DLT-based infrastructure, middleware and other supporting services to the free trade zone and Middle Eastern clients, who can now team up with BTD to take advantage of the United Arab Emirates’ strategy to accelerate DLT’s development.
In the region, BLOC will help enhance current business functions and marketplaces by strategically identifying opportunities to introduce and then implement DLT.
Particular areas of interest include creating a spot market for gold bullion trading, optimizing trade finance and supply chain solutions for commodity transactions, distributing renewable energy resources and diamond trading and provenance authentication.
BLOC chief financial officer and director Theo van der Linde commented, “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. With the granting of this license, our presence in Dubai will expand as we drive solutions toward this new base of customers.”