Dubai, the desert city in the Middle Eastern country of the United Arab Emirates always believes in doing things differently. Dubai has happily turned to Blockchain technology in trying to encourage foreign investments and entrepreneurs.
Dubai is seen to be going very aggressive on Blockchain technology with various government departments building up relationships with companies to pursue Blockchain.
On Tuesday, May 1st the Department of Economic Development (DED) has unveiled a join Blockchain commitment alongside Dubai Silicon Oasis Authority which is called ‘Dubai Blockchain Business Registry.’
This initiative is built with the help of Smart Dubai office and longtime technology partner of Dubai, IBM. It will help the overall ease of doing business in Dubai and the facilitation of foreign direct investments.
Smart Dubai was established by collaborating the private sector and government partners to ensure efficient, seamless, safe and impactful city experience for residents and visitors.
Smart Dubai Director-General Dr. Aisha Bin Blshr 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.”
This project will help businesses become registered using digital methods which are far more efficient than traditional systems. It will be known as Unified Commercial Registry (UCR).
The first test project will be Dubai Silicon Oasis (DSO) which is a 4 square mile integrated free zone technology park which will be enabled to share license information through Blockchain.
IBM’s general manager Marie Wieck has praised the work of Dubai regarding Blockchain technology adopted.
“There is no question that the level of blockchain activity in Dubai far exceeds just about every other place because it has made the mandate, from a government perspective, that in December of 2021 they won’t be using any paper-based systems. In order to do this, they are putting all documents on a blockchain,” Wieck said.
Even IBM Middle East’s general manager Amr Refaat said, “Dubai is a leader in innovation with many ambitious projects that have already become a reality.”
Both these projects have started the trend of the ‘Dubai Blockchain Strategy’ which aims to make Dubai the world’s first city to be powered entirely by Blockchain technology by 2020. As of now, there are almost 20 more projects lined up which are connected to Blockchain.
Image Source: “Flickr”