The Silicon Oasis Authority, the Dubai Electricity and Water Authority, and Dubai Multi Commodities Centre have already joined the platform. The UBRP eventually aims to host a total of 40 government entities.

The Department of Economic Development in Dubai has announced its move to a blockchain-based unified business registry platform (UBRP).

According to a Saudi Gazette report on Oct. 7, the platform aims to improve the ease of doing business in Dubai and enable license issuers to manage trade licenses and corporate registries.

The solution is hosted on the blockchain-as-a-service platform called Dubai Pulse, which is a joint initiative of Smart Dubai – Duba’s smart city initiative – and telecommunications firm du. Dubai Pulse is also part of the broader Emirates Blockchain Strategy 2021, which was announced in April 2018.

The UAE has set a goal to make sure that 50% of government transactions will be blockchain-based by 2021.

Dubai to launch Know Your Customer-focused blockchain association

Cointelegraph reported in July that a partnership between the Dubai International Financial Centre, Mashreq Bank and fintech firm Norbloc was planning to launch a blockchain-based Know Your Customer (KYC) data-sharing association in 2020, with the intention to combine the KYC efforts of participating financial institutions and government bodies.

Binance Enters Korean Market With New Business Entity

Binance may have taken another step toward launching a crypto exchange arm in South Korea.

Binance’s presence the Korean market was confirmed Friday by CoinDesk Korea, after the company registered Binance Co. Ltd. with local authorities on Oct 29.

The new arm – which has Binance CFO Wei Zhou as co-representative – comes on the heels of suggestions that Binance intends to open a Beijing office, complementing an office in Shanghai, though it’s not to be an exchange due to local regulatory restrictions.

Operating out of Malta, Binance has local entities in Singapore, Jersey and Uganda, as well as a partner entity in the United States. Binance CEO Changpeng “CZ” Zhao also told CoinDesk recently the firm has plans for expansion in Russia, though that may not involve a new exchange branch.

CoinDesk Korea reached out to Binance to confirm the acquisition of Binance Co. Ltd., a Korean entity opened this past spring by parent firm BXB Inc. The crypto exchange said: “Binance has incorporated corporations in several countries as part of its long-term business plan.”

This April, CZ told CoinDesk Korea that Binance was looking for a “clear signal” from Korean regulators before moving in. The following month, Korean corporation Binance LLC registered in the country with no known affiliation to the crypto exchange.

Two months later, the launch of a Korean arm seemed imminent after CZ confirmed conversations with BXB Inc. which was also eyeing the issuance of its own won-pegged stablecoin. At the time, Binance posted a job ad for a South Korean compliance officer.

With the acquisition, CoinDesk Korea says Binance will soon issue a won-stablecoin under its “Venus” project. The crypto exchange announced its stablecoin program in August.

How Blockchain Disrupts Global Business

Blockchain technology is reshaping the face of our global financial system, and it goes far beyond cryptocurrencies alone.

Since Bitcoin’s arrival, the conventional finance world has been intrigued by blockchain, Bitcoin’s underlying disruptive technology. Now we are seeing that intrigue being transformed into a full-fledged and active public interest, and the potential onset of popular mass adoption.

But why is the white-collar financial world interested in adopting the very technology that holds profound implications for permanently altering “business as usual?” We headed to London in attendance of a conference called Sibos 2019 to find out.

Sibos is the premiere financial services event of the world. It is hosted by SWIFT, the payments service powerhouse that underpins major portions of the global financial ecosystem. This year the event attracted more than 11,000 delegates, 600 speakers, and 300 exhibitors from all corners of the globe. Representatives for everyone from Deutsche Bank to Google were there – it turns out plenty of mainstream business players are toying with blockchain, and with good reason.

This technology’s potential is disruptive at worst and revolutionary at best. It redefines the way we can store, share, and verify data, opening opportunities for entirely new businesses and ecosystems. One of the world’s largest corporations, IBM, is operated by over 350,000 employees across 177 different countries, and it has become a leading blockchain innovator in a variety of economic systems, including in trade and finance, provenance, and the supply chain.

Even major banks are getting involved. Research from renowned consultancy McKinsey & Company shows that over 90% of the world’s top 50 banks are tinkering with blockchain technology. Why? Well, according to research from Accenture, a Fortune 500 company, blockchain methodologies could generate a whopping 30% cost savings across all industries. (Accenture also happens to be developing a blockchain-based identity system for travelers, with the end goal of making it easier to confirm identities as people engage in international travel.)

We had a camera in hand to bring you along to London with us. Please check out our video report on how blockchain is changing the way we conduct global business, and subscribe to our YouTube channel!

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