The Dubai International Financial Centre (DIFC) Court has launched a new legal service that integrates public blockchain, a major development in the real world assets (RWA) sector.
The new framework launched under the new Dubai Act uses Hedera Network and Ethereum's ERC20 standard to validate and protect official documents.
Breakdown of the new blockchain-powered services
The new product is designed to expand access to justice and provide high-tech solutions to businesses and residents operating under the DIFC English Common Law Framework.
What is the new notarization service?
The “first” notary service of UAE's English texts allows you to witness the oath and document authentication through automated, virtual or personal sessions.
How does blockchain protect documents?
All notarized events are recorded and the Hedera public blockchain is time stamped inappropriately to ensure reliability. The DIFC Court has also confirmed that the documents will be converted into verifiable credentials that are fully compliant with the Ethereum ERC20 standard.
Big picture: Key signal for the RWA sector
This move represents one of the most important real-world use cases of public blockchain in core government functions so far.
Related: Ripple expands to UAE: DIFC Partnership and $1 Billion XRP Fund
What does this mean for business trust in Dubai?
Judge Omar Al Mheiri, director of the DIFC Court, said the new services coincided with the government's strategy of “building trust between businesses and investors.”
Integrating public blockchains into core legal systems is a strong signal to the global market, as financial centres are already taking major procrypt measures including Green Light Ripple's RLUSD stubcoin.
Related: Dubai regulator DFSA Green Light RIPPLE's RLUSD Stablecoin is used in financial centres
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