A major component of this new system is- smart contracts, which are self-executing agreements that have been programmed earlier to execute when certain conditions have been met between parties involved in the contract.
Smart contracts are open-source, immutable & widely accessible. These contracts could offer a lot of benefits to society, such as increased security, as it does not require any broker or intermediaries to sign any agreement. So, businesses & entrepreneurs will be highly benefited as it increases authenticity & free from any power hoarders.
Commercial Bank International becomes first Dubai bank to enter the Metaverse
Commercial Bank International (CBI), located in Dubai, has entered the metaverse. The bank made the announcement about the opening of its metaverse site, making it the first bank in the UAE to have a presence there.
Visitors to Decentraland can reach CBI's virtual location by going to cbi.dcl.eth or (63, -127) by utilizing the Decentraland map coordinates. The bank claimed that portals may also be used to access the bank's virtual location.
CBI Chief Executive Officer Ali Sultan Rakkad Al Amri stated, "We are happy to be the first bank in the UAE and among the first in the Middle East to deliver the metaverse experience to our clients and citizens.
Royex Metaverse is a leading Metaverse development company in Dubai, UAE. We are at the forefront of adopting and developing the next generation of Internet technology - Metaverse.
With leading Metaverse App development services and solutions, we can help you uncover new possibilities! We provide a wide range of future-ready metaverse services such as Metaverse Shopping App, Sandbox & Decentraland Property Design, Metaverse Land Purchase, NFT creation & Minting, NFT Marketplace Development, Smart Contracts Development & Custom Blockchain Development. Our Metaverse Services and solutions let you create dynamic and realistic virtual worlds and real-world environments for better business collaboration.
13 Online Magazine - Mobile Apps & E-Commerce : Issue 24 . November. 2022
