Arab Federation of Capital Markets Partners With UAE to Launch Blockchain Innovation Challenge – Blockchain Bitcoin News

The United Arab Emirates Ministry of Economy (UAE) has teamed up with the Arab Capital Markets Federation (AFCM) to launch a task that encourages tech technologists to create a “know your customer” verification system (KYC) based on blockchain technology.

Reliability of blockchain data

AFCM together with the UAE Ministry of Economy has launched an innovative market challenge in which participants are expected to create a functional “know your customer” blockchain system (KYC). The challenge, according to AFCM, is open to “enterprise-ready” financial technologies and technology firms from the region and around the world.

Participants are expected to create a platform that “will allow[s] transparency and consistency, ”according to the AFCM. Such a KYC platform, in turn, “will allow financial institutions to test the reliability of the data present in the Distributed Book Technology (DLT) platform.”

Explaining in detail the reasons for launching the call, AFCM, which is the governing body for exchanges and settlement centers from across the Arab region, explains why it wants the winning KYC platform to be based on a blockchain. The AFCM said:

Blockchain will allow you to store data from multiple reputable service providers in a single cryptographically secured database. KYC verification through this type of architecture has the potential to be faster, more secure, and more efficient than current verification procedures.

The AFCM added that such a system is likely to offer better data security by providing access to data only to authorized persons.

Solving problems with disruptive technologies

According to the judging criteria, the solution proposed by the fintech department “should solve the problem with the help of disruptive technologies.” The proposed solution must also be consistent with the statement of the problem and be compatible with local regulations. Only five technologists will make it to the finals of the competition, which is expected to end on March 29, 2022.

In addition to the UAE Ministry of Economy, the country’s securities regulator, the Securities and Commodities Authority (SCA), is also listed as another strategic partner of the AFCM for this issue.

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Terence Zimvar

Terence Zimwara is a Zimbabwe Prize winner journalist, writer and writer. He has written extensively on the economic problems of some African countries, as well as on how digital currencies can give Africans a way to escape.

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