ME News reports that on May 5 (UTC+8), the UAE’s AI Free Zone, Innovation City, launched a blockchain-based digital identity system for enterprises, converting business licenses into dynamic, tamper-proof on-chain digital identities. Built on the OPN Chain developed by IOPn, the system enables near real-time verification for banks, regulators, and investors, and supports AI-driven use cases such as licensing, compliance, taxation, and cross-border interactions. The system also reduces risks of document forgery and misuse of corporate structures. (Source: MLion)
UAE Launches Blockchain-Based Digital Identity System for Businesses
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Summary
On May 5 (UTC+8), the UAE’s AI Free Zone, Innovation City, launched a blockchain-based digital identity system for businesses. Built on the OPN Chain by IOPn, the system transforms business licenses into dynamic, tamper-proof on-chain identities. It enables real-time verification for banks, regulators, and investors, supporting AI-driven applications such as compliance and taxation. This initiative aligns with enhanced digital asset regulation and aims to increase confidence in risk-on assets by reducing fraud and corporate misconduct.
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