If there is any country harnessing the potential of the blockchain Dubai will be first on the list. The UAE country is launching a Blockchain registry in partnership with IBM the aim is to help businesses operate under its jurisdiction. The Blockchain registry is part of the city’s 2020 Blockchain Strategy was announced on May 1.
The Dubai’s 2020 Blockchain Strategy has been on ground since 2016 the addition of the Dubai Blockchain Business Registry Project will also see involvement from Smart Dubai and Dubai Silicon Oasis Authority (DSOA), while the government input comes in the form of the Department of Economic Development (DED). These collaboration will be to add extra features to Dubai’s extant blockchain for business project known as Unified Commercial Registry (UCR).
The Registry will store registration information from companies, as well as keep track of changes, and thus “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,” the press release explains.
Dubai’s 2020 Blockchain Strategy has made steady progress since it began in 2016. Authorities aim to transform the emirate into a hub for the technology, using it to power municipal apparatus such as public services and beyond.
Sami Al Qamzi, Director General of DED explained, “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.”
There is a lot of positive reaction in anticipation of the project. IBM Middle East’s general manager, Amr Refaat says “Dubai is a leader in innovation with many ambitious projects that have already become a reality.” We cannot help but to anticipate the reality of this project.