Dubai Multi Commodities Centre (DMCC) intends to produce the earliest precious metals refinery and storage facility at the Gulf place empowered by block-chain technology.

The center will refine and save gold and silver coins for example gold, silver, silver, palladium and rhodium, that’ll soon be tokenised on goldexchange.com, a bonded trading platform,” it said in a statement.

Included in this agreement, REIT Development acquired industrial property located in DMCC’s Jumeirah Lakes Towers’ business district,” it said.

The 100,000 square foot gold and silver refinery and storage centre will produce a decentralised listing of trades, which makes it feasible to track all gold and silver coins which are tasteful and sold globally for over 150 nations.

“block-chain technology may empower more transparent and accurate tracking of gold and silver coins, ensuring that there was not any’dirty gold’ in flow and illegal transactions,” explained Mike De Vries, chief operations officer of REIT Development.