The Dubai Multi Commodities Centre (DMCC) intends to construct the Gulf region's first blockchain-enabled precious metals plant and storage facility. According to an announcement, the plant would have the capacity to process and store valuable metals such as gold, silver, platinum, palladium, and rhodium, which will be initialized on goldexchange.com, and offer a safe trading site.

According to the deal, REIT Development purchased an industrial property in the business district of DMCC's Jumeirah Lakes Towers.

The 100,000 square foot rare metals refinery and holding site would establish a decentralized database of the purchases done and it will also allow tracking of all precious metals processed in the plant and subsequently export of those worldwide to almost 150 countries.

"Blockchain technology will allow more straightforward and reliable monitoring of rare metals. It will also guarantee that there is no 'dirty gold' in distribution and illegal transactions," said Mike De Vries, REIT Development's chief operations officer confirms.