UAE Innovation City Introduces First Blockchain-Based Digital Business Identity System

Ras Al Khaimah’s Innovation City, a free zone focused on AI and Web3, has introduced what it says is the first blockchain-based digital business identity system.

Under the new model, companies registered in Innovation City receive a cryptographically verifiable identity issued on OPN Chain, developed by UAE-based IOPn. The initiative effectively converts traditional business licenses from static documents into on-chain assets. In doing so, it aims to reduce reliance on centralized verification systems and streamline trust between entities.

The move aligns with the UAE’s broader push toward blockchain-native business infrastructure and AI-driven automation in regulatory processes. Notably, proponents argue it could streamline verification and reduce friction in digital commerce. However, its real-world impact will hinge on adoption by external institutions and regulators.

Source: https://www.khaleejtimes.com/business/innovation-city/innovation-city-launches-the-worlds-first-blockchain-based-digital-business-identity-powered-by-iopn