Dubai's government is using blockchain technology to make it easier for companies to set up and operate in the country.
According to an announcement on Tuesday, the country's Department of Economic Development (DED) has teamed up with the Dubai Silicon Oasis Authority (DSOA), as well as the Smart Dubai initiative and IBM, to develop a commercial business registry built with blockchain.
The platform - called Dubai Blockchain Business Registry - is aimed to streamline the process of establishing and operating a business in Dubai, as well as to ensure regulatory compliance and help firms gain direct investments from overseas.
The government announcement states:
"The collaborative effort 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."
Dubai Silicon Oasis (DSO), the country's technology free-zone, will be the first to implement the project, while other entities will be able to query and publish registry data, the announcement states.
The project is aimed 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.
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 registry also comes as part of the Dubai Blockchain Strategy, launched in 2016, which aims to power all government services with blockchain by 2020.
Dubai image via Shutterstock