Innovation City Launches Blockchain Business ID System in UAE

Innovation City, a free zone in Ras Al Khaimah, has launched a pioneering blockchain-based business identity system for its over 1,000 registered companies. By issuing sovereign, cryptographically verifiable identities on the OPN Chain, the initiative transforms traditional static business licenses into dynamic onchain assets. This system aims to reduce reliance on centralized intermediaries and streamline verification processes within the free zone's digital ecosystem.

Developed by IOPn, the framework utilizes a hybrid data model that balances onchain transaction integrity with offchain data management. While the system currently serves internal ecosystem services, its long-term utility depends on adoption by external partners, such as banks and regulators. Addressing security concerns, the developers emphasize that AI-driven workflows built on these identities will require mandatory human-in-the-loop authorization to prevent unauthorized actions and mitigate adversarial risks.

(Source：Cointelegraph)