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The Dubai government turns to blockchain technology to pave the way for foreign investment and business in the city-state Emirate.
In an announcement Tuesday, the city's Economic Development Department (DED) unveiled a blockchain joint venture alongside the Dubai Silicon Oasis Authority, called the Dubai Blockchain Business Registry. The project, developed in collaboration with Smart Dubai's office and technology partner and IBM blockchain developer precursor, will "facilitate business in Dubai and facilitate foreign direct investment," said the government's media office.
The massive blockchain project aims to streamline the process of creating and operating a business in Dubai, enabling an efficient digital business licensing and documents covering all facets of a business and a business. Above all, ensure compliance with Dubai rules. ]
The registry will see its first pilot in the Dubai Silicon Oasis (DSO), a 4 square mile free zone technology park supported and encouraged by the government, to allow the sharing of license information on the blockchain.
In a major endorsement of decentralized technology, the project will act as the core technology of the Dubai Unified Trade Registry (DUC), to store and update the registration of companies by the DED and the authorities of the free zone in Dubai. added.
As previously stated, Dubai has already developed a blockchain platform that will register the entire land registry of the state of the city by 2020.
These two projects are part of Dubai Blockchain's strategy, an initiative to make Dubai the first city in the world to be fully powered by blockchain technology by 2020, including the city government. ]
"The first step in Dubai's Blockchain strategy is to have 100% of all Dubai government transactions going on, and ongoing collaboration with government and private entities is crucial to our success," the manager said. General of Smart Dubai. Aisha Bin Blshr.
Notably, she confirmed the progress made in a number of other cases of blockchain use across the city, stating:
The launch of the Trade Register Project demonstrates our desire to operate Dubai in Blockchain by 2020. We are working on more than 20 use cases with multiple entities across the city. , and hope to launch these later. year.
Launched in late 2016, the Dubai Blockchain's strategy revealed its first promise as part of the city's adoption of blockchain technology by declaring its intention to execute all transactions and all documents government on a blockchain by the end of the decade.
Image from Dubai Marina from Shutterstock.
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