Global Blockchain Technologies Corp. (BLOC) has announced that its Dubai-based subsidiary Blockchain Technologies DMCC, after a due diligence process conducted by the Dubai Multi Commodities Centre (DMCC), a Government of Dubai entity, Free Trade Zone Authority, has been officially licensed to develop software, which includes distributed ledger and blockchain technology services and solutions within the DMCC Free Trade Zone. The DMCC Free Trade Zone is home to over 15,000 multi-national corporations and has over 60,000 employees from 170 countries worldwide.
BTD is now in a position to offer blockchain based infrastructure, middleware and other ancillary services to the DMCC Free Zone and customers throughout the Middle East region, who can now partner with BTD to take advantage of the United Arab Emirates’s strategy to accelerate the development of blockchain technology.
BLOC will strategically identify opportunities to introduce blockchain technologies to enhance existing business functions and marketplaces in the region.
Specific areas of interest include: optimizing trade finance and supply chain solutions for commodities transactions, diamond trading and provenance authentication, distributing renewable energy resources and developing a spot market for gold bullion trading.
Theo van der Linde, the Company’s CFO stated, “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.”
Mr. van der Linde continued, “blockchain technology is uniquely suited to solving problems facing the commodities industry, the receipt of this license from the DMCC is regarded as a truly significant milestone.”
The DMCC mandate to drive commodity trade volumes through Dubai sets the course for stronger and deeper penetration of this market by BTD. This 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.
It is a testament to the BLOC team and the growing recognition of the suite of talents housed within BLOC, that dynamically affect blockchain integration. With an experienced management team that has been involved in the blockchain ecosystem from its infancy, we believe that we can make a considerable impact on several areas of commerce by intelligently leveraging the full range of capabilities of blockchain technology.
The company will continue to update both shareholders and stakeholders as it builds its licensing permissions and client base in the region, within the regulated framework of the DMCC Free Trade Zone.
