Dubai is one of the most important cities worldwide. It pioneers for another time, wanting to become the capital of Blockchain technology. Its intention is to urge global investors and entrepreneurs to set up their Blockchain operations in the Middle Eastern city.
The history of Dubai’s involvement with Blockchain tech is long lasting. However, on Tuesday, the Department of Economic Development (DED) has presented a projected with the name “Dubai Blockchain Business Registry.”
The aim of the project is to assist in settling in the city Blockchain businesses by entrepreneurs and global business players. With Blockchain technology, the registration process will now be handled with distributed ledger technology, reducing times and facilitating the approval process to start a business in the city.
The statement released by the Government of Dubai reads the following:
“The initiative seeks to empower the Unified Commercial Registry (UCR) project, the first Blockchain-enabled trade license repository launched by DED [Department of Economic Activity], to store and update company registration information issued by DED as well as the free zone authorities in Dubai.”
The pilot project will be initially implemented by the technology park, which is one of the most significant free economic zones in the country and in the region.
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, UAW 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.”
This is not the first time Dubai experiments with Blockchain technology to facilitate businesses, services and to reduce bureaucracy. According to UseTheBitcoin, Dubai has decided to create a virtual Business-to-Business (B2B) marketplace for travelers. Through this project, the region is attempting to provide travelers a direct choice across the depth of the local tourism operations. The plan is part of the Dubai 10X initiative promoted by the government.
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