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Wed 2 May 2018 10:36 AM

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Dubai's DED launches blockchain-based commercial business registry

The Smart Dubai office is working on over 20 blockchain use cases with various entities in Dubai

Dubai's DED launches blockchain-based commercial business registry

Dubai’s Department of Economic Development [DED] and the Dubai Silicon Oasis Authority [DSOA] have launched the “Dubai Blockchain Business Registry Project” to store and update company registration information issued by DED and local free-zone authorities.

According to officials, the 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 Dubai’s business ecosystem.

While DSOA will be the first free zone to implement the Unified Commercial Registry (UCR) pilot project, 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 Department of Economic Development to usher in the future of business in Dubai, UAE and the world,” said DED director general Sami Al Qamzi. “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.”

Al Qamzi added that the 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.”

Dr. Aisha bin Bishr, the director general of Smart Dubai, noted that the project forms a key part of the larger Dubai Blockchain Strategy launched in 2016.

“Having 100 percent 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,” she said. “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,” she added.

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