UAE-based blockchain start-up ArabianChain has raised Dhs3m ($817,000) from a new investor.
The firm, which has developed a public and decentralised platform for contracts using Bitcoin database technology blockchain, said the funds came from Arabian Bugshan board member and House of Invention Intl vice president Ahmad Abdullah Bugshan.
“I believe that the region will lead the way when it comes to Blockchain, and ArabianChain is well-positioned to drive innovation and adoption of this disruptive technology,” he said.
Mohammed Alsehli, founder and CEO of ArabianChain, said the company expected the funds to allow it to sign on more government and private sector clients.
ArabianChain was founded in the UAE by Alsehli and partners and currently also has operations in Saudi and Kuwait.
Financial institutions are exploring blockchain use across the world because of its claimed security benefits. The technology’s backers say it is tamper proof and could lead to safer and faster transactions.
Dubai is seeking to become a leader in blockchain technology with plans to use it for all government documents by 2020.
The emirate selected IBM and Consensys for a city-wide blockhain project in March with the aim of identifying areas where the technology can be deployed.