Dubai Economy Department launches blockchain-based business registration system
The Dubai Department of Economic Development announced recently that they are preparing to launch the Unified Business Registry Platform (UBRP) based on blockchain technology.
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According to a report by the Saudi Gazette on 10/7, the platform aims to enhance the ease of doing business in Dubai, enabling license issuers to manage trade permits and company registrations more efficiently.
It has been confirmed that Dubai Silicon Oasis Authority, Dubai Electricity and Water Authority, and Dubai Multi Commodities Centre have joined the platform. The UBRP is expected to eventually host a total of 40 government entities.
The project is hosted on a blockchain Platform as a Service called "Dubai Pulse," a joint initiative by Smart Dubai under the Smart City project and a telecommunications company. It is also part of a larger initiative announced in April 2018 as part of the 2021 UAE Blockchain Strategy.
The UAE initiative sets a goal to have 50% of government transactions conducted on the blockchain by 2021.
Major Moves by the UAE
Korean blockchain provider Blocko, supported by Samsung, has established a presence in the UAE after raising funds in the Asia-Pacific region and Europe.
The company has also formed business and technical partnerships with the SEED Group, a private office led by royal family member Sheikh Saeed bin Ahmed Al Maktoum.
The UAE's blockchain initiative is expected to save $3 billion in transaction and document costs annually, eliminating 398 million printed documents and 77 million work hours, significantly reducing many cost overheads.
Dubai has made various efforts to drive this initiative, including regulatory reforms and a city-wide blockchain project in collaboration with IBM. It is believed that we will soon see the impact of this initiative.
Further Reading
- The Arab Emirates will host a blockchain competition
- Addressing trust issues, Weiss Ratings says blockchain is a perfect fit for real estate
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