The city’s Department of Economic Development (DED) has revealed a joint blockchain endeavor alongside the Dubai Silicon Oasis Authority, named the ‘Dubai Blockchain Business Registry’. The project, developed in cooperation with the Smart Dubai office and long-time technology partner and early blockchain developer IBM, will ‘improve ease of doing business in Dubai and facilitate foreign direct investments’, the government’s media office declared.
The sweeping blockchain-powered project is aimed to simplify the process of instituting and operating a business in Dubai, make efficient digital trading of licenses and documents covering all spheres of a business and, critically, ensure regulatory compliance with Dubai’s rules.
The registry will be firstly started in the Dubai Silicon Oasis (DSO), a 4-square mile integrated free zone technology park supported and incentivized by the government, to enable changing of license information over the blockchain. In a major approval of the decentralized technology, the project will become the basic technology powering Dubai’s Unified Commercial Registry (UCR), ‘to store and update company registration by DED as well as the free zone authorities in Dubai’ the announcement added.
Dubai has already extended a blockchain platform that will registry the city-state’s entire land list by the year 2020.
Having 100% of all applicable Dubai government transactions run on Blockchain is the first pillar of the Dubai Blockchain Strategy, and ongoing collaboration with government and private sector entities is crucial to our success.
Dr. Aisha Bin Blshr,
Director-General, Smart Dubai
The Dubai Blockchain Strategy revealed its first promise as a part of the city’s adopting of blockchain by stating its intent to execute all transactions and government documents on a blockchain by the end of the decade.