Dubai is using blockchain as one of the technologies to help it achieve a smart city. The project builds on the 2020 Blockchain Strategy launched in 2016. It will help make doing business in Dubai easier, streamline business operations as well as facilitate foreign direct investments.
Dubai and IBM have partnered to launch the Dubai Blockchain Business Registry Project. It is to help advance the city’s 2020 Blockchain Strategy and bid to become the smartest city in technology in the world. In other words, it means becoming most efficient, intelligent and collaborative ecosystem.
The project was announced on May 1 through a press release on the Dubai government Media Office. It will facilitate ease of doing business in Dubai, “facilitate foreign direct investments”. It empowers the first blockchain-enabled trade license repository (Unified Commercial Registry (UCR) project). However, also help streamline business operations and administration such as licensing and data and information sharing. It will store information from companies, keep track of the changes in the information.
Thus, it 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.
Therefore, it is aligned with the Dubai Blockchain Strategy. IBM developed the project together with Smart Dubai and Dubai Silicon Oasis Authority (DSOA). As well as the government through the Department of Economic Development (DED).
Dr. Aisha Bin BIshr, Director General, Smart Dubai, said,
“Having 100% of all applicable Dubai government transactions run on Blockchain is the first pillar of the Dubai Blockchain Strategy, and ongoing collaboration with government and private sector entities is crucial to our success. The launch of the Commercial Registry Project is testament to our drive towards making Dubai run on Blockchain by 2020. We are working on over 20 more use cases with several entities across the city and hope to launch these later this year.”
Dubai initiated the 2020 Blockchain Strategy in 2016 and seeks to use it to streamline public services and other municipal apparatus.
Amr Refaat, General Manager, IBM Middle East said many public and private entities are willing to join the network with the first phase of the project in place to “form the first active Blockchain commerce registry network”.