Global Blockchain Gets License to Provide DLT Solutions in Dubai Free Trade Zone

Canada’s Global Blockchain Technologies announced on Thursday that its Dubai-based subsidiary was licensed to develop blockchain-based services and solutions within the Dubai Multi Commodities Centre (DMCC) Free Trade Zone. DMCC hosts over 15,000 companies that employ about 60,000 people from different countries.

Global Blockchain’s subsidiary Blockchain Technologies DMCC (BTD) can now develop blockchain software and infrastructure for customers in the Middle East region, who are free to partner with BTD for various projects related to the distributed ledger technology (DLT), as blockchain is also called. The move comes as the UAE is implementing a strategy to push the development of blockchain, with Dubai aiming to become the world’s first blockchain-powered government.

Global Blockchain will look for opportunities to promote blockchain including for use cases related to trade finance and supply chain solutions for commodity deals, distributing renewable energy resources, diamond trading and provenance authentication, and building a spot market for gold bullion trading.

Global Blockchain CFO 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.” “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,” he added.

Vancouver-based Global Blockchain is a private equity fund and incubator for blockchain projects. The company is listed on the Canadian Securities Exchange (CSE) with the ticker BLOC.

On Wednesday, we reported that Playboy, the company behind the popular adult magazines, sued Global Blockchain for failing to integrate the Vice Industry Token (VIT) on Playboy’s websites, as stipulated in an earlier contract.