Dubai government will create a blockchain-based commercial business registry, according to a government of Dubai press release published on May 2.
The blockchain project dubbed “Dubai Blockchain Business Registry Project” was developed by the Department of Economic Development (DED) in Dubai with Dubai Silicon Oasis Authority (DSOA) in partnership with Smart Dubai and IBM. This initiative goes in the same direction as Dubai’s government mentality who wants its city to be completely working on the blockchain by 2020.
“The launch of the Commercial Registry Project is testament to our drive towards making Dubai run on Blockchain by 2020,” mentioned Dr. Aisha Bin BIshr, the director general of Smart Dubai. “We are working on over 20 more use cases with several entities across the city, and hope to launch these later this year.”
The main purposes of this project are to help foreign firms to gain direct investment from outside the city and to establish a regulated business model powered by the blockchain technology that will ease doing business in Dubai.
“The collaborative effort 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,” stated Dubai’s Government.
IBM Middle East general manager, Amr Refaat believes that the blockchain technology can enhance the efficiency of government processes.
“We see blockchain as an enabling foundation for providing seamless digital experiences to existing businesses and new investors and entrepreneurs. This initiative will enhance collaboration and efficiency among government entities and provide transparency, security and visibility in government transactions.”