The Dubai government in partnership with IBM has launched the Dubai Blockchain Business Registry Project. The blockchain registry is to increase the efficiency of business registration and operation in the Dubai. This is only a step in a series of blockchain-based programmes which are part of Dubai’s 2020 Blockchain strategy.
The project was developed with support from Smart Dubai and the Dubai Silicon Oasis Authority, with input from the Department of Economic Development.
The blockchain registry will store information concerning companies operating in Dubai and also keep track of changes, as they evolve over time. An official press release states the project
“..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 began its Blockchain Strategy in 2016 aiming for a final implementation date of 2020. Government authorities and officials have been committed to transforming Dubai into a hub for blockchain technology as well as implementing the technology into public services.
The UAE is one of the very few governments that have adopted blockchain technology for use in its government systems and by private organisations. Its decision is interesting, following outright blockchain and cryptocurrency bans from other Arab nations.