Innovation City, a free zone in Ras Al Khaimah, has introduced a pioneering blockchain-based business ID system that provides over 1,000 registered firms with verifiable on-chain credentials. This initiative is part of a broader trend in the UAE aimed at transitioning from traditional business registries to innovative blockchain identity solutions.
Each company within Innovation City will receive a sovereign, cryptographically secure identity through the OPN Chain, which is a public blockchain developed by IOPn. This development transforms conventional business licenses from static documents into dynamic on-chain assets, aiming to enhance verification and reduce reliance on centralized authorities.
According to Jimi Ibrahim, co-founder and COO of IOPn, the on-chain identity framework is tailored for immediate use within Innovation City’s digital ecosystem. The system is designed to facilitate access and verification across various services, with plans to expand its utility to include external partners in technology, marketing, and legal fields.