One of the most important cities in the world, Dubai, is doing something different. It wants to become the capital of blockchain technology. The main intention is to encourage foreign investors and entrepreneurs to settle their blockchain operations in the Middle Eastern city.
Dubai Capital of Blockchain Technology
Dubai has been working with blockchain technology since very long time. But on Tuesday, the Department of Economic Development (DED) has unveiled a project known as ‘Dubai Blockchain Business Registry.’
The intention is to help businesses and entrepreneurs to settle in the country if they want to make businesses. With blockchain technology, the registration process will now be handled with distributed ledger technology, reducing times and making it easier for investors to get the approval to start a business in the city.
The statement released by the Government of Dubai 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 in Dubai.”
The pilot project will be first implemented by the technology park, one of the most important free economic zones located in Dubai and in the region.
“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,” said Sami Al Qamzi, Director General of DED. “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.”
This is not the first time that Dubai works with blockchain technology to improve businesses, services and reduce bureaucracy. As we wrote at UseTheBitcoin, Dubai has decided to create a virtual Business-to-Business (B2B) marketplace for travellers.
With this project, Dubai is trying to give travelers a direct choice across the depth of the local tourism options. The plan is part of the Dubai 10X initiative promoted by the government.