New blockchain initiative to ease doing business and facilitate FDI

dubai - The project was developed in collaboration with Smart Dubai and IBM

A new blockchain initiative aimed at improving ease of doing business and facilitate foreign direct investments made its debut in Dubai on Tuesday.

A joint initiative by the Department of Economic Development and Dubai Silicon Oasis Authority, the project was developed in collaboration with Smart Dubai and IBM.

Called Dubai Blockchain Business Registry Project, the initiative is aligned with the Dubai Blockchain Strategy, launched in 2016 seeking to establish Dubai as the first city to be fully powered by blockchain by 2020.

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 registry will streamline the process of setting up and operating a business, roll out digital exchange of trade licences and related documentation for all business activities, and ensure regulatory compliance across Dubai's business ecosystem. DSO, the integrated free zone technology park, will be the first free zone to implement the pilot project.

Sami Al Qamzi, director-general of DED, said the UCR is a foundation for the business ledger, led by the DED to usher in the future of business. "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," said Al Qamzi.

He said the registry would provide 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 Mohammed Al Zarooni, vice-chairman and CEO of DSOA, said the project is the result of 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.

Dr Aisha bin BIshr, director-general, Smart Dubai, said having 100 per cent 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.

"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," said Dr Aisha.

"We see blockchain as an enabling foundation for providing seamless digital experiences to existing businesses and new investors and entrepreneurs. This initiative will enhance collaboration and efficiency among government entities and provide transparency, security and visibility in government transactions," said Amr Refaat, general manager, IBM Middle East.

 - issacjohn@khaleejtimes.com