Dubai’s Department of Economic Development (DED) and Dubai Silicon Oasis Authority (DSOA) have unveiled a joint blockchain project to improve ease of doing business in the emirate and facilitate foreign direct investments.
The joint initiative was developed in collaboration with Smart Dubai and IBM, and has been dubbed the Dubai Blockchain Business Registry Project.
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.
“The Unified Commercial Registry is a foundation for the business ledger, led by the DED 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,” Sami Al Qamzi, Director General of DED, said. “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.”
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.”