Dubai Economic Dept. plans blockchain business platform
08 Oct 2019
Dubai’s Department of Economic Development has announced its move to a blockchain-based unified business registry platform (UBRP).
The platform plans to increase the simplicity of doing business in Dubai and allow licence issuers to manage trade licences and corporate registries, according to a report by the Saudi Gazette.
The unified business registry platform aims to host a total of 40 government entities, with the Silicon Oasis Authority, the Dubai Electricity and Water Authority, and Dubai Multi Commodities Centre having already joined, says Coin Telegraph.
The initiative is being hosted on Dubai Pulse, a blockchain-as-a-service platform, which is a joint project by Smart Dubai — Dubai’s smart city initiative — and telecommunications firm du.
Abdullah Hassan, CEO of the Corporate Support Services sector in Dubai Economy, said: “Dubai Economy is moving to the next level of its digital transformation with the Unified Business Registry Platform and we are proud to be in the forefront of Dubai’s march to being the world’s first blockchain powered government. At Dubai Economy, we are always looking to our partners for smart solutions that will simplify, secure, and streamline the future government leading up to the UAE Vision 2021”.
In addition, Dubai Pulse is part of the wider Emirates Blockchain Strategy 2021, unveiled in April last year.
The United Arab Emirates has set an objective to ensure that by 2021 half of government transactions will be blockchain-based.
Coin Telegraph reported over summer that Dubai International Financial Centre, Mashreq Bank and fintech firm Norbloc had formed a partnership to launch a blockchain-based Know Your Customer (KYC) data-sharing association next year, aiming to join the KYC efforts of participating financial institutions and government bodies.
The CEO of the Dubai International Financial Centre said in July: "This initiative provides a unique opportunity to harness innovative technology to deliver a seamless experience for both newly established and existing companies at the centre."