The DIFC Courts have unveiled a range of new digital public services during GITEX Global 2024. According to insider’s report these are the Digital Assets Will and other new legal services that have been developed as ways to redefine the possibilities of existing legal systems. This significant event happens at GITEX Global 2024, demonstrating new technologies and the future of digital the services in this city.
DIFC Courts Unveil the Digital Assets Will at GITEX Global 2024
At the centre of this revelation is the Digital Assets Will, a new product that helps individuals control how their digital property is distributed. This is a non-custodial wallet where the user has full control of their assets during their lifetime and provisions for bequeathing the remainder of their assets. This new strategy is a welcome development in the AM world, especially for assets, including cryptocurrencies like Ethereum (ETH), Bitcoin (BTC), MATIC, USDC, USDT, and Hedera’s hbar.
His Excellency Justice Omar Al Mheiri, Director of the DIFC Courts, said, “Given the rapidly growing global availability of new technologies, people and business entities tend to demand simple access to public services. Still, it seems our duty is to utilize the current emerging technologies to enable such growth and demand. His remarks are in keeping with the mission of the DIFC Courts and its vision to eliminate access to justice barriers by harnessing technology.
The DIFC Courts’ Digital Assets Will is backed up with sophisticated blockchain mechanisms for sound transitions and security. Future developments will include additions to the NFT standard, such as ERC 721 and Hedera Token Service (HTS).
Enhanced Security with Notary Services Powered by Hedera Blockchain
This was further evidenced by the introduction of the first of ITS kind Notary Service during GITEX Global 2024 in the UAE. This service allows for the notarisation of English documents, offering three options for users: which are an automated self-service, a virtual notarisation system, and notarisation on-site.
This means that documents that will be notarised using the service will be accreditations by higher cryptographic algorithms. All notarised events will be recorded unto the Hedera Blockchain promising immutability of the documents logged. The main concept of providing user anonymity is based on Distributed Ledger Technology (DLT), which transforms documents into Non-Fungible Tokens (NFT) following the presented standards of the ERC20.
Kamal Youssefi, President of The Hashgraph Association, highlighted the importance of this technological leap: “We are proud to be part of this impactful journey and reaffirm our continued support to the DIFC Courts in launching both the Digital Assets Will, as well as the Notary Service, powered by Hedera DLT platform.”
Global Reach and Secure Access with DIFC Courts’ New Services
In addition to the Digital Assets Will and Notary Services provided by the DIFC Courts, the latter has developed another important service: the Mediation Service Centre. It offers parties an opportunity to resolve conflicts through mediation with the assistance of DIFC Courts registered mediation. The parties have the option to undertake mediation using the updated online court management system or physically, making it convenient for all.
In addition, extra-regional demand for the services offered by the DIFC Courts is immense. On this note, there is a Virtual Registry whereby those outside the UAE can form Wills and register them online. This service enables users to connect to compliance officers in Dubai via a video link so that international clientele can use the DIFC Courts services. Wills can then be stored in the global digital vault, Tejouri, that was launched in 2022. tejouri is a cloud vault and an online safe for life admin files. Tejouri’s integrated, most advanced security and biometrics guarantee the safety of all the assets and documents that may be required in the form of authentication.
Sunil Kumar, CEO of DataFlow Group, which collaborated with DIFC Courts on these services, shared his thoughts: “By combining these highly intelligent services of document tampering detection and Image forensics, our services provide security and swift availability for impacting fraud detection within a few seconds.” Reiterating Kumar’s quote, the new services respond to the latest technology while enhancing the strategic position of the DIFC Courts in delivering digital legal services on a global platform.
GITEX Global 2024: A New Era for Legal Services in Dubai
The new innovative digital suite of DIFC Courts at GITEX Global 2024 is a step in Dubai’s continuous journey towards digitalization as outlined in the Dubai Economic Agenda D33 and the Dubai Digital Strategy. These services not only improve the availability but also reliability and operational soundness of the legal processes and thus, become a model government services in the UAE and other countries.
The DIFC Courts, which were created in 2004, are also still a true to their word concerning the standards of justice, thus meeting both federal and local Dubai strategic objectives. As the number one Islamic Economy gateway alongside being ranked amongst the top Global Cities of the Future, Dubai is again leading the way by offering these world-class digital solutions to the outside world through the DIFC Courts. Keep following Turkishnyradio to keep an eye on GITEX Global 2024.
