A plant for processing precious metals using blockchain will be built in the free economic zone of Dubai – Bits Media

Dubai Multidisciplinary Commodity Center (DMCC) signed a contract for the construction of a plant for the processing of precious metals, to track which blockchain will be used.

According to the press release, created by the government of Dubai free Economic zone (Family) DMCC has concluded a REIT Development Agreement for the construction of a factory for the processing of precious metals, whose work will be introduced by the blockchain. Enterprise area 100 000 square feet will become the largest such plant in the Council of Cooperation of the Arab states of the Persian Gulf.

The enterprise will be deployed a set of technological processes for deep cleaning and storage of gold, silver, Rodium, Palladium and platinum. These precious metals will also act as security for Goldcoin stablecoins, SilverCoin, RhodiumCoin, PalladiumCoin и PlatinumCoin. Stebblecoins will be released on the Ethereum and tied to the current value of one gram of corresponding precious metal.

Steiblcoins provided by precious metals will be available for trading on the DMC gold exchange platform. Construction work at the facility is planned to be completed before the end 2022 of the year. According to the operating director of Reit Development Mike de Vris (Mike de Vries), Blockchain will change the branch of precious metals:

“Blockchain can provide more transparent and accurate tracking of precious metals, guaranteeing the lack of "dirty gold" in circulation and illegal trade […] We count, that to 2025 year, all enterprises in the processing and storage of precious metals will work on the blockchain ".

Recall, that recently the Department of Economic Development of Dubai (DED) and international financial center Dubai (DIFC) stated, that they are ready to introduce a platform for identifying data based on blockchain throughout the UAE.