Dubai unveiled blockchain commercial registry project to improve ease of doing business and facilitate foreign direct investments
Tuesday, May 01, 2018
The Department of Economic Development (DED) in Dubai and Dubai Silicon Oasis Authority (DSOA) have unveiled a joint blockchain project that was developed in collaboration with Smart Dubai and IBM to improve ease of doing business in Dubai and facilitate foreign direct investments.
The joint initiative, called Dubai Blockchain Business Registry Project, is aligned with the Dubai Blockchain Strategy, launched in 2016 by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, seeking to establish Dubai as the first city to be fully powered by blockchain by 2020.
The initiative seeks to empower the Unified Commercial Registry (UCR) project, the first blockchain-enabled trade license repository launched by DED, to store and update company registration information issued by DED as well as the free zone authorities in Dubai.
The Dubai Silicon Oasis Authority, which is the regulatory body for Dubai Silicon Oasis (DSO), the integrated free zone technology park, will be the first free zone to implement the pilot project.
Aspiring to create an efficient, seamless, and impactful experience, 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. While DSO is the first free zone to share license information over blockchain, other entities will be able to query and publish data as required.
“The Unified Commercial Registry is a foundation for the business ledger, led by the Department of Economic Development to usher in the future of business in Dubai, UAE and the world. 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,” Sami Al Qamzi, Director General of DED, said.
“The Blockchain Corporate Registry provides a template for collaboration between government departments, government-related entities and the private sector to reinforce Dubai as a hub for business expansion and entrepreneurship. We are delighted to welcome the Dubai Silicon Oasis Authority on board as the first free zone entity to integrate DED’s business ledger. DED always seeks to integrate the latest technologies for added competitiveness and customer happiness across services in Dubai,” added Al Qamzi.
Source: Government of Dubai
Illustration Photo: Dubai (credits: Tobias Scheck / Flickr Creative Commons Attribution 2.0 Generic (CC BY 2.0))