Dubai authorities have unveiled a blockchain project to facilitate the process of companies setting up and operating in the country.
The Department of Economic Development (DED) and Dubai Silicon Oasis Authority (DSOA) partnered with Smart Dubai and IBM to develop a blockchain-based commercial business registry.
Called Dubai Blockchain Business Registry, the initiative, which is aligned with the Dubai blockchain strategy launched in 2016, aims to improve ease of doing business in Dubai as well as make foreign direct investments easier.
The project seeks to empower the Unified Commercial Registry (UCR) project, the first blockchain-enabled trade license repository launched by DED, to store and update company registration information issued by DED as well as the free zone authorities in Dubai.
The Dubai Silicon Oasis Authority, which is the regulatory body for Dubai Silicon Oasis (DSO), the integrated free zone technology park, will be the first free zone to implement the pilot project.
“The Unified Commercial Registry is a foundation for the business ledger, led by the Department of Economic Development to usher in the future of business in Dubai, UAE and the world,” said Sami Al Qamzi, director general of DED.
“With the Blockchain Corporate Registry, investment as well as doing business in Dubai will become a seamless and smart experience, and testimony to successful innovation.”
The collaborative effort aims to 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.
While DSO is the first free zone to share license information over blockchain, other entities will be able to query and publish data as required.
“As the UAE continues its transition to a digital economy, DSOA takes pride to become the first free zone to implement this blockchain project,” added Dr Mohammed Al Zarooni, vice chairman and CEO of DSOA.
“This achievement is the result of our relentless efforts to build synergies that leverage the strengths of diverse public and private sector partners to fast-track Dubai’s journey to becoming one of the smartest cities in the world. The Dubai Blockchain Corporate Registry project is a prime example of such collaboration at work.”
“The blockchain initiative is a result of intensive research conducted by our IT team in collaboration with DSOA, IBM and the Smart Dubai office,” said Mohamed Alqaizi, IT director, DED.
“We studied multiple options, case studies and researches aiming to achieve the best results in facilitating business registration in Dubai.”
He continued: “The results are promising; we built the foundation for a first-of-its-kind unified business ledger where any entity locally and globally can join and be part of Dubai’s vision to be the blockchain capital of the world.”
Source: Smart Cities World
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