Dubai Dept. of Economic Development Rolls Out Business Registry Using Blockchain Tech
The Department of Economic Development in Dubai recently announced its move to a Unified Business Registry Platform (UBRP) hosted on the innovative Blockchain Platform as a Service (BPaaS) of Dubai Pulse, a joint initiative of Smart Dubai and DU.
The UBRP already boasts the Dubai Silicon Oasis Authority, Electricity and Water authority, and Multi Commodities Centre as members. It is the first blockchain platform hosted in the UAE which integrates both Hyperledger Fabric and enterprise Ethereum. This allows for interoperability between protocols and smart contracts.
The CEO of Corporate Support Services sector in Dubai Economy says:
“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.”
Besides facilitating the electronic exchange of trade licenses, the pioneering project will streamline the documentation process, thereby ensuring regulatory compliance across the city’s business ecosystem.
Through a collaboration, Mashreq Bank, the Dubai International Financial Centre and fintech firm Norbloc intends to introduce a blockchain powered Know Your Customer (KYC) data-sharing association in 2020, with the aim of combining the KYC efforts of partaking financial entities and government organizations.
The CEO of Smart Dubai, Wesam Lootah, said:
“The success of the flagship Dubai Pulse platform means it is now a mainstay for all government entities and enterprises looking to utilise its transformative capabilities.”