UAE-based blockchain solutions startup JustChain has launched the world’s first blockchain-based notary platform, media reports said. Called NotaryChain, the platform allows legal documents to be notarised digitally and securely from anywhere.
In this regard, Mohammed Akbar Farook, chief executive at JustChain told the media, “NotaryChain represents a new era of accessibility, convenience, and productivity for the notary public. Based on blockchain technology, the platform offers a secure and tamperproof digital alternative to the traditional process of having to hand-deliver and notarise documents. This is in line with the UAE’s national strategy for blockchain as well as the Dubai Paperless Strategy that is being implemented throughout government entities in the emirate.”
Available as a cloud solution, the new platform launched by the UAE-based blockchain startup, provides advanced features including single sign-on using national identity (UAE Pass), digital signatures, electronic seal, integrated artificial intelligence verification for Emirates ID, QR code-based instant verification of notarised documents and more.
It was reported last year that Dubai’s blockchain market is expected to grow substantially in the next five years. The market will grow from Dh35 million in 2018 to Dh437 million in 2025. The blockchain market in Dubai grew by 24 percent in 2018, which is relatively higher than the global average of 19 percent. Reportedly, 1.4 percent of the total blockchain companies in the world are based in Dubai. While there are 8000 registered blockchain companies worldwide, 114 are in Dubai.