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Dubai Multi Commodities Centre (DMCC) creates the first precious metals refinery and storage facility in the region enabled by blockchain technology.
The facility will refine and store precious metals including gold, silver, platinum, palladium, and rhodium
- First precious metal refining and sale facility based on blockchain technology
- Prevent illicit trade
- Enable complete tracking of precious metals trade across 150 countries
The Dubai Multi Commodities Center is a free zone authority in the emirate and has been at the forefront in developing the tiny nation’s unique ecosystem. Keeping abreast with the changing times, DMCC has just concluded a deal that involves creating a precious metals refinery and storage facility enabled by blockchain technology. The Arab News reported that it would be the first in the region.
More Transparency
Arab News quoted REIT Development CEO Mike De, Vries. He felt that blockchain technology would help the business remain clean and prevent any pilferage in the form of ‘dirty gold’ or illicit trades. Blockchain technology will make the industry transparent and enable accurate tracking of precious metals.
100,000 square feet facility planned
REIT Development has acquired land in the sprawling DMCC’s Jumeirah Lake Towers. A 100,000 square feet facility will be constructed and ready by the last quarter of 2022.
According to Arab News, the facility will have a decentralized record of all transactions. It will enable tracking the refining and the eventual sale of precious metals across 150 countries. The precious metals will include gold, silver, platinum, palladium, and rhodium.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
