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Different countries all over the world are using blockchain technology so as to improve processes and make services more efficient. At the same time, it allows them to reduce the amount of papers needed and the bureaucracy. That’s why Dubai has decided to unveil a blockchain project to improve ease of doing businesses in the city and facilitate foreign direct investments.

Dubai Unveils Blockchain Platform for Businesses

Doing businesses in Dubai should be an easier task now that the government unveiled a new joint blockchain project for enterprises that want to invest in the country. In collaboration with Smart Dubai and IBM, the government launched the Dubai Blockchain Business Registry Project, that is aligned with Dubai’s blockchain strategy launched in 2016. 

The information has been released on may the 1st by the Government of Dubai in a statement that reads as follows:

“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 of Dubai.”

The pilot project will be implemented by the technology park, a free economic zone located in Dubai.

Sami Al Qamzi, Director General of DED, commented:

“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.”

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 business activities.

Dubai and Blockchain Tech

This is not the first time that Dubai works with blockchain technology. Its government is working very hard with this technology in order to install it in most of the different governmental agencies to improve their efficiency.

At the same time, some private enterprises in Dubai are already implementing the technology as well. Just to mention one, Emirates NBD, the biggest bank of Dubai, has implemented a blockchain system that allows it to cut off check-related fraud.

The bank’s Chief Operating Officer, Abdulla Qassem, explained:

“Emirates NBD is committed to exploring commercial uses for this innovative technology. After a successful pilot phase, we are pleased to roll out Cheque Chain to our customers nationwide, becoming the first bank in the region to offer this service.”

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