Mbrif Member Justchain Launches the World’s First Blockchain-Based Notary Platform
JustChain, a UAE-based startup focused on implementing blockchain-based solutions for justice and public safety, has launched the world’s first blockchain-based notary platform, NotaryChain. This follows the recent approval from the UAE Cabinet on digital signatures, and its application to notary services and is in line with the UAE’s Vision 2021. As a member of the Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative launched by the UAE Ministry of Finance and operated by Emirates Development Bank, JustChain was supported by the Fund throughout their journey with strategic and market insights as well as local market access.
NotaryChain allows legal documents to be notarized digitally and securely from anywhere, providing time and cost savings for the notary public and customers. Built on top of an enterprise-grade blockchain platform, it features tamperproof security, speed, convenience, and instant verification of notarized documents such as Power of Attorney, Memorandum of Association, Contracts, Marriage Certificates, and so on.
Available as a cloud and on-premise solution, NotaryChain provides advanced features including single sign-on using national identity (UAE Pass), digital signatures, electronic seal, integrated artificial intelligence verification for Emirates ID, QR code-based instant verification of notarized documents, built-in templates for notary documents, and more.
Fatima Alnaqbi, Chief Innovation Officer, MBRIF Representative of the Ministry of Finance, said: “The MBRIF always seeks members whose innovative businesses can bring something exceptional to the UAE. We are thrilled to see the success and growth of JustChain, leading to exciting new technologies that will benefit our society. The MBRIF will continue to seek and support innovators who will actively contribute to the UAE’s digital economy transformation journey.”
Mohammed Akbar Farook, CEO of JustChain, said: “NotaryChain represents a new era of accessibility, convenience, and productivity for the notary public. Based on blockchain technology, the platform offers a secure and tamperproof digital alternative to the traditional process of having to hand-deliver and notarize documents. This is in line with the UAE’s national strategy for blockchain as well as the Dubai Paperless Strategy that is being implemented throughout government entities in the emirate.”
JustChain launched a blockchain application in 2020 to anonymously track COVID-19 patients, sharing real-time critical case information securely with concerned health providers, clinicians, government authorities, medical suppliers, laboratories and researchers, so that immediate care and attention can be provided.
Mohammed Bin Rashid Establishment for Small and Medium Size Enterprises
In September 2009, His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai issued Law No.23 of 2009 concerning the Mohammed Bin Rashid Establishment for Small and Medium Size Enterprises, recently renamed the Mohammed Bin Rashid Establishment for Young Business Leaders.
The law defines the goals of the establishment for strengthening Dubai’s position as a centre for entrepreneurship and allows for the setting up of projects which encourage entrepreneurship and the innovative ideas of youth. This move seeks to motivate youth to work, as well as to pursue economic activity, such as the development and organisation of programs and initiatives.