Global Blockchain Technologies Corp (CSE:BLOC) has announced that it has received the license to develop blockchain solutions in Dubai. Through its subsidiary, the Canadian Stock Exchange listed firm has been licensed “to develop software and blockchain technology” within a free-trade zone, DMCC. In appreciation, the shares of the mining giant have shot up.
The Dubai multi commodities centre (DMCC) free trade zone authority is a government entity that has been tasked with delivering a high volume of commodity sales and the area is home to over 15,000 multi-national corporations.
World’s first blockchain powered-government
Blockchain Technologies DMCC (BTD), the subsidiary of Global Blockchain, is now free to develop software and infrastructure related to the distributed ledger technology. Under the license, the company is also allowed to partner with customers and other developers on the blockchain platform to implement various projects that are aimed at integrating the blockchain technology in the operations of the government.
In the recent past, the government of Dubai has made headlines by expressing its desire to incorporate the novel technology in its operations. To that end, the government has initiated certain projects and implemented some strategies that are intentioned to push the development of blockchain. This way, the government hopes that it will be able to become the first government operating on the blockchain platform.
As Cryprovest reports, Global Blockchain is expected to contribute towards the move by the government through “looking for opportunities to promote blockchain for use in cases relating 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 Free Zone of the Year
The DMCC is an important step by the government towards the goal to achieve a blockchain powered government system. The platform has provided an opportunity where different firms interact and showcase their solutions. As a testament to its effectiveness, the free-trade zone was crowned the ‘Global Free Zone of the Year’ for the year 2017, this being the third year in a row that the area has been notable.