Dubai stands among the world’s largest hubs for cryptocurrecy trading, and is one of the biggest supporters of blockchain development. Due to the fast growth of the market in the city-state, the local government has laid the foundation for Dubai to be the world’s first blockchain technology based city by 2020.
One of the decisive measures taken for accomplishing this enormous task, happened this Tuesday when the city’s Department of Economic Development (DED) launched the Dubai Blockchain Business Registry, a project that aims to simplify registration process for blockchain-based businesses. This project, developed by the DED, in collaboration with Smart Dubai and IBM, is scheduled to launch its first pilot in the Dubai Silicon Oasis, a government-incentivized technology park. The pilot aims to enable the sharing of license information over the blockchain.
“The project will act as the core technology powering Dubai’s Unified Commercial Registry, to store and update company registration by the Department of Economic Development, as well as the free zone authorities in Dubai”
added the DED in its official announcement. This blockchain implementation project, along with “over 20 more use cases with several entities across the city”, according to Smart Dubai director-general Dr. Aisha Bin Blshr, is a sign of the efficient work of the city in order to embrace blockchain as a tool to optimize operations in the city.
“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,”
exclaimed Dr. Aisha Bin Blshr.
by Samuel Larreal
