The United Arab Emirates government has started using blockchain technology in Dubai with a view to making it easier for companies to set up and operate in the country.
In an announcement on Tuesday the government said country's Department of Economic Development (DED) has joined the Dubai Silicon Oasis Authority (DSOA), Smart Dubai initiative and IBM, to develop a commercial business registry built with blockchain, named Dubai Blockchain Business Registry.
The main objective to build the platform is to streamline the process of establishing and operating a business very easily in Dubai on one hand, and ensuring regulatory compliance and helping firms gain direct investments from overseas on the other.
"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," said the government announcement.
UAE’s technology free-zone, Dubai Silicon Oasis (DSO), is the first of this kind to implement the project, while other entities will be able to query and publish registry data, according to the announcement.
The project will support the blockchain-enabled trade license repository Unified Commercial Registry (UCR) project, launched by the DED, in an effort to modernize the registration of company information.