The courts of the Dubai International Financial Center (DIFC) have launched new legal services that integrate public block chains, an important development for the Real-World Asset sector (RWA).
The new framework, launched under a new Dubai law, will use the Hedera network and the ERC20 stands of Ethereum to verify and secure official documents.
Expansion of the new blockchain-driven services
The new offer is designed to expand access to justice and to offer high-tech solutions for companies and residents that are active under DIFC’s English Common Law Framework.
What is the new notary service?
The “first-in-ins specs” notary service in the UAE for English-language documents will make the witnesses of Eden and the certification of documents possible through automated, virtual or personal sessions.
How will blockchain secure the documents?
All notary events will now be recorded and indeed time stamp on the Hedera Public Blockchain to guarantee their authenticity. The DIFC courts also confirmed that the documents will be converted into verifiable references that fully meet the Ethereum ERC20 stand.
The Big Picture: An important signal for the RWA sector
This step has so far represents one of the most important real-world use cases for public block chains in a core function of the government to date.
Related: Ripple is spreading to the VAE: DIFC Partnership & $ 1B XRP Fund
What does this mean for business trust in Dubai?
Justice Omar Al Mheiri, director of the DIFC courts, stated that the new services are in accordance with the government’s strategy to ‘build trust among companies and investors’.
This integration of public block chains in a core right system is a powerful signal for the global market, and it is because the financial center has already taken large pro-Crypto steps, including Greenlighting Ripple’s Rlusd Stablecoin.
Related: Dubai Regulator DFSA Greenlights Ripple’s RLUSD Stablecoin for use in the Financial Center
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