The utilization of blockchain technology for smart contracts, on-chain voting, and ownership will significantly enhance transparency.
In an effort to strengthen the emirate’s position in the adoption of new technologies, the Dubai Multi Commodities Centre (DMCC) and Reit Development have disclosed plans for a new facility that will demonstrate the practical application of blockchain.
The 17-story Crypto Tower, which will be constructed at the DMCC’s headquarters in Jumeirah Lakes Towers, will serve as the home for its group of businesses that are dedicated to blockchain, decentralised finance, and Web3. This information was disclosed in a joint statement issued on Wednesday.
The DMCC has announced that it will implement blockchain technology for the following purposes: real estate, tenant administration and ownership, on-chain voting, and smart contracts. This decision is consistent with the emirate’s commitment to securing developing technologies.
The DMCC website states that a portion of the operational details and transactions related to the development are recorded on the blockchain, providing full transparency and real-time accesses. The project’s land was acquired for Dh16.5m ($4.5m) in December 2021.
Reit and the DMCC have announced that operations will commence “shortly after” the completion of construction, which is anticipated to occur in the first quarter of 2027.
According to the statement, the Crypto Tower will consist of nine floors and nearly 14,000 square feet of rentable space. It will have particular plans for incubators, venture capital firms, and investments, as well as an innovation location for artificial intelligence, which is presently the most popular technology in the world.
Ahmed bin Sulayem, the executive chairman and CEO of DMCC, stated, “The Crypto Tower is a groundbreaking development that offers a variety of state-of-the-art facilities and services for the advantage of our members, situated at the intersection of blockchain, Web3, and real estate.”
“The Crypto Tower’s launch is an actual example of the future of Web3, in which blockchain technology guarantees transparency and ownership, as we continue to solidify Dubai’s status as the world’s foremost innovation capital.”
Blockchain is the technology that underpins cryptocurrencies and decentralized finance. It is frequently perceived as a more secure method of conducting business and has the potential to replace intermediaries like banks and brokers in the financial system.
The UAE has instituted a variety of measures to incorporate blockchain technology into the government, commerce, and society as part of its economic development initiatives.
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