The Dubai International Financial Centre (DIFC) Courts have launched new legal services that integrate public blockchains, a major development for the real-world asset (RWA) sector.
The new framework, launched under a new Dubai law, will use the Hedera network and Ethereum’s ERC20 standard to verify and secure official documents.
Breakdown of the New Blockchain-Powered Services
The new offerings are designed to expand access to justice and provide high-tech solutions for businesses and residents operating under the DIFC’s English common law framework.
What is the new Notary Service?
The “first-of-its-kind” Notary Service in the UAE for English-language documents will allow for the witnessing of oaths and the certification of documents through automated, virtual, or in-person sessions.
How will blockchain secure the documents?
All notarization events will now be logged and immutably timestamped on the Hedera public blockchain to ensure their authenticity. The DIFC Courts also confirmed the documents will be converted into verifiable credentials that are fully compliant with the Ethereum ERC20 standard.
The Big Picture: A Key Signal for the RWA Sector
This move represents one of the most significant real-world use cases for public blockchains in a core government function to date.
Related: Ripple Expands to UAE: DIFC Partnership & $1B XRP Fund
What does this mean for business confidence in Dubai?
Justice Omar Al Mheiri, Director of the DIFC Courts, stated that the new services align with the government’s strategy to “build confidence among businesses and investors.”
This integration of public blockchains into a core legal system is a powerful signal to the global market, and it comes as the financial center has already taken major pro-crypto steps, including greenlighting Ripple’s RLUSD stablecoin.
Related: Dubai Regulator DFSA Greenlights Ripple’s RLUSD Stablecoin for Use in Financial Centre
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