Dubai's government has teamed up with IBM and others to use blockchain technology to improve ease of doing business in the region and facilitate foreign direct investments. The initiative is part of Dubai's vision to be the Blockchain capital of the world, the Government said in a statement.
The Department of Economic Development or DED in Dubai and Dubai Silicon Oasis Authority or DSOA have unveiled Dubai Blockchain Business Registry Project, which was developed in collaboration with Smart Dubai and IBM.
Under the initiative, the Unified Commercial Registry or UCR project would be empowered to store and update company registration information issued by DED as well as the free zone authorities in Dubai. UCR is the first blockchain-enabled trade license repository launched by DED.
The project will streamline the process of setting up and operating a business, roll out digital exchange of trade licenses and related documentation for all business activities, and ensure regulatory compliance across Dubai's business ecosystem.
The first free zone to implement the pilot project would be the DSOA, which is the regulatory body for Dubai Silicon Oasis, the integrated free zone technology park. Other entities will be able to query and publish data over blockchain as required.
Sami Al Qamzi, Director General of DED, said, "The Blockchain Corporate Registry provides a template for collaboration between government departments, government-related entities and the private sector to reinforce Dubai as a hub for business expansion and entrepreneurship."
Aisha Bin BIshr, Director General, Smart Dubai, said they have been working on over 20 more use cases with several entities across the city, and hope to launch these later this year.
The Dubai Blockchain Strategy aims to establish the region as the first city to be fully powered by blockchain by 2020.
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