RAK Innovation City Launches First Blockchain System For Business ID's
The system turns business licences into digital assets, enabling faster verification and integration with AI-driven processes.
A blockchain-based system for issuing digital business identities has been introduced in Ras Al Khaimah, assigning companies a cryptographically verifiable profile linked to their registration.
The system has been launched by Innovation City, an AI-focused free zone, in collaboration with IOPn. It issues each registered company a digital identity on the OPN Chain, a blockchain layer designed to support high-speed, verifiable transactions.
The platform reframes a business licence as a digital asset that can be verified in real time, with the aim of reducing reliance on centralised intermediaries and streamlining processes such as compliance checks, licensing, and cross-border operations.
According to Innovation City, the system is designed to support transparency and auditability while enabling instant verification for banks, regulators, and investors. It is also intended to reduce fraud and integrate with artificial intelligence systems that can automate administrative functions.
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