World’s first blockchain based notary platform, NotaryChain is been introduced by the UAE harboured start-up, JustChain. Legal documents can be notarised digitally anywhere in the world providing convenience, accessibility and productivity of the notary public.
Since the platform is based on blockchain technology, it is a secure and tamperproof digital alternative to the traditional process and overcomes the tantrums of having to hand-deliver and notarise documents. This innovation is in tandem with Dubai Paperless Strategy as well as the UAE’s national strategy for blockchain which is being implemented in the emirate.
NotaryChain is a cloud solution with advanced features like single sign-on using national identity, electronic seal, digital signatures, QR code – based instant verification of notarised documents, integrated artificial intelligence verification for Emirates ID etc. With added security and advanced technology, the solution is expected to be successful and be implemented effortlessly.
According to the data gathered during the last year, it is reported that Dubai’s blockchain market will grow substantially in the coming five years. The market is expected to elevate from Dh35 million in 2018 to Dh437 million in 2025. The global average for blockchain market in 2018 was 19 percent and the blockchain market in Dubai grew by 24 percent. The major reason behind this could be the presence of 1.4 percent of total blockchain companies in Dubai – off the total 8000 registered blockchain companies, 114 are based in Dubai.