Dubai Government Launches Blockchain Business Registry

Announcements, Blockchain | May 3, 2018 By:

The Dubai Department of Economic Development (DED) and Dubai Silicon Oasis Authority (DSOA) have launched a blockchain registry to make it easier for businesses to set up and operate in the country.

Called Dubai Blockchain Business Registry, the platform was developed in collaboration with Smart Dubai and IBM and is aligned with the country’s Blockchain Strategy, which seeks to establish Dubai as the first city to be fully powered by blockchain by 2020.

The Blockchain Business Registry project aims to streamline the process of setting up and operating a business, roll out the digital exchange of trade licenses and related documentation and ensure regulatory compliance across the country’s business ecosystem. The project will support DED’s extant blockchain for business project known as Unified Commercial Registry (UCR).

The Dubai Silicon Oasis Authority, which is the regulatory body for Dubai Silicon Oasis (DSO), the country’s integrated free zone technology park, will be the first free zone to implement the pilot project, while other entities will be able to query and publish data as required.

DED director general Sami Al Qamzi said that 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,” said Al Qamzi. “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.”

Dr. Aisha bin Bishr, the director general of Smart Dubai, said the project forms a key part of the larger Dubai Blockchain Strategy.

“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,” said bin Bishr. “The launch of the Commercial Registry Project is testament to our drive towards making Dubai run on Blockchain by 2020. We are working on over 20 more use cases with several entities across the city, and hope to launch these later this year.”