Dubai’s government has unveiled a blockchain business registry, with the aim of making it easier to set up and operate a company in the United Arab Emirates (UAE).
Entitled the Dubai Blockchain Business Registry Project, the platform will use blockchain technology to streamline the process, allowing relevant authorities to store and update company registration information.
Announced last week, the Department of Economic Development (DED), Dubai Silicon Oasis Authority (DSOA) and the Smart Dubai initiative have teamed up with IBM to build the blockchain business registry.
Dubai Silicon Oasis Authority, an urban community created by the government to promote technology based industries, will be the first to implement the registry as part of their in-house business services.
Mohamed Alqaizi, IT Director at Dubai’s Department of Economic Development, said in a statement:
“any entity locally and globally can join, and be part of Dubai’s vision to be the Blockchain capital of the world as part of the Dubai Blockchain strategy 2016.”
In 2016, the government launched the ‘Dubai Blockchain Strategy’, stating that they intend to use blockchain to power all government services by 2020.
In line with that strategy, they have already launched a blockchain land registry and a digital currency with the assistance of Ethereum’s ConsenSys.
The Dubai Blockchain Business Registry will work in conjunction with the Unified Commercial Registry (UCR), a blockchain-enabled trade license repository launched by the Department of Economic Development (DED).