Dubai Government Unveils Blockchain Business RegistryMay 2, 2018 4:32 pm
Companies wishing to set up and operate in Dubai will have an easier time after the government announced it is using blockchain technology to facilitate new business, CoinDesk reported Wednesday.
In an announcement Tuesday, the country’s Department of Economic Development (DED) said it has teamed up with the Dubai Silicon Oasis Authority (DSOA), as well as the Smart Dubai initiative and IBM, to developed a commercial business registry built with blockchain, the report said.
The platform – called Dubai Blockchain Business Registry – streamlines establishing and operating a business in Dubai, as well as to ensure regulatory compliance and helping firms gain direct investments from overseas, the report said.
Dubai Silicon Oasis (DSO), the country’s technology-free zone, will be the first to implement the project, the report said. Meanwhile other entities will be able to query and publish registry data, the announcement said.
The project’s aim is to support the Unified Commercial Registry (UCR) project, a blockchain-enabled trade license repository launched by the DED in a bid to modernize the registration of company information, CoinDesk reports.
Amr Refaat, General Manager, IBM Middle East said the initiative will boost collaboration and efficiency at government institutions and “provide transparency, security and visibility in government transactions,” the report said
The registry is part of the Dubai Blockchain Strategy, launched in 2016, which aims to power all government services with blockchain by 2020, CoinDesk reported.
– WN.com, Jack Durschlag