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The Department of Economic Development in Dubai and DSOA have unveiled a joint blockchain project that was developed in collaboration with Smart Dubai and IBM
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.
Sami Al Qamzi, Director General of DED, said: “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.”
“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.”
Speaking on the initiative, Dr Mohammed Al Zarooni, Vice Chairman and CEO of DSOA, said: “As the UAE continues its transition to a digital economy, DSOA takes pride to become the first free zone to implement this blockchain project.
“This achievement is the result of our relentless efforts to build synergies that leverage the strengths of diverse public and private sector partners to fast-track Dubai’s journey to becoming one of the smartest cities in the world.
“The Dubai Blockchain Corporate Registry Project is a prime example of such collaboration at work.”
Amr Refaat, General Manager, IBM Middle East said: “IBM is proud to collaborate with DED, Smart Dubai Office and Dubai Silicon Oasis on this journey to revolutionize the business ecosystem in the UAE.
“Dubai is a leader in innovation with many ambitious projects that have already become a reality.
“With the first phase of this project already in place to form the first active Blockchain commerce registry network, there is keen interest from other public and private entities to join the network.
“We see blockchain as an enabling foundation for providing seamless digital experiences to existing businesses and new investors and entrepreneurs. This initiative will enhance collaboration and efficiency among government entities and provide transparency, security and visibility in government transactions.”
Read more: Maersk & IBM to Form Blockchain Venture