The economic free zone within Abu Dhabi has completed the first phase of its blockchain-based Know-Your-Customer (KYC) utility project. The undertaking is being conducted with collaboration from the Financial Service Regulatory Authority (FSRA) and audit firm KPMG.

The FSRA had criticized traditional KYC systems as “cumbersome, repetitive and cost intensive” while shackling financial institutes with its inefficient data sharing. Blockchain technology, used in this sector was found to “radically simplify” the KYC process for the benefit of clients and institutions alike.

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