21 10 2020

Blockchain technology in the United Arab Emirates

Blockchain technology in the United Arab Emirates

Blockchain technology in the UAE does not stand still and increases the area of influence. For this reason, businessmen who want to implement a crypto business choose the United Arab Emirates.

There is no need to look far for an example, the electronic trading company "Agriota" is able to provide an opportunity for farmers from India to get direct access to the entire food industry in the UAE. Work is already underway to set up a logistics chain based on blockchain technologies, as a result of which the UAE residents will be able to receive Indian agricultural products.

To bridge the significant gap between the UAE industry and Indian farmers, the Agriota electronic trading platform will be used. This platform operates on the basis of blockchain technology.

The task of the platform is to provide full transparency, maintaining control of all supplies from India from wholesale and retail food companies and traders in the UAE.

The whole essence of the platform boils down to direct appeal of farmers in India to companies in the UAE for the sale of fruits and vegetables, seasonings and spices, as well as cereals. Goods and foodstuffs were exported from India to the Emirates totaling more than $ 1 billion in 2019.

The platform offers secure transactions through an escrow structure based on the Dubai Multi Commodities Centre (DMCC).

The "DMCC" was created in 2002 to implement plans to create financial infrastructure and an incentive to increase interest in global commodity trading

Many blockchain companies operate in the agricultural industry. Such companies help increase efficiency and help farmers realize and increase profits.

If you are planning to conduct a crypto business, then we recommend opening a business in the United Arab Emirates. For example, in Financial center "Abu Dhabi Global Market" in Abu Dhabi, this Emirate has already created a legislative framework for regulating business based on blockchain. But this is not the only Emirate available for crypto business.