The blockchain technology is being employed by the Dubai government to make it simpler to start up and operate in the country.
Consistent with a Tuesday announcement, the country’s Department of Economic Development (DED) has joined forces with Dubai Silicon Oasis Authority (DSOA), and IBM as well as Smart-Dubai initiative to come up with a business registry created with blockchain.
Known as the Blockchain Business Registry the platform’s objective is to restructure the process of setting up and running a firm in UAE nation, plus to confirm regulatory fulfillment and assist companies to get direct investments from abroad.
The technology-free-zone Dubai-Silicon-Oasis(DSO) will be the first to execute the Blockchain Business Registry, while other bodies will be able to inquire and make public registry data, stated the announcement. The project is meant to back the Unified Commercial Registry (UCR) program, a blockchain-enabled business in Dubai license repository initiated by the DED to update the registration of information of business in Dubai.
IBM Middle East general manager, Amr Refaat said that the proposal would enhance teamwork and competence at government organizations and bring transparency, visibility, and security in the UAE nation.
The registry is also a constituent of a Blockchain Strategy, instituted in 2016, whose aim is to power all government services with the blockchain by 2020.