UAE’s Innovation City Introduces Blockchain-Based Business IDs
- Innovation City launched a blockchain-based digital business identity system on May 4, replacing static PDF licenses.
- The new system is powered by IOPn’s OPN chain, which supports over 10,000 transactions per second with sub-second finality.
- Within two years, the UAE plans for 50% of federal sectors to use these digital assets for automating government services.
- The initiative aims to move business registration from centralized databases to a decentralized model for instant verification.
- Paul Dawalibi, CEO of Innovation City, emphasized the shift as a “complete re-architecture” of corporate existence.
Innovation City’s blockchain-based identity system aims to streamline business operations by providing cryptographically verifiable digital identities that enhance cross-border trade and institutional interactions. This aligns with the UAE’s directive to integrate AI into government services.
By transitioning to a blockchain model, Innovation City enhances efficiency in verifying corporate credentials and supports the UAE’s AI-driven economy transformation plan within two years. (Source)
