Dubai Department of Economic Development Launches Blockchain-Powered Business Registry

Dubai’s Department of Economic Development has revealed its decision to shift to a blockchain-powered unified business registry platform (UBRP).

The platform intends to enhance the simplicity of carrying out business in Dubai and facilitate license issuers to administer trade licenses and corporate registries.

So far, the Silicon Oasis Authority, Water Authority, Dubai Electricity and Dubai Multi Commodities Centre have become a member of the platform.

The UBRP, ultimately, hopes participation from 40 government organizations. The software is deployed on the blockchain-as-a-service platform named Dubai Pulse, which is collaboration of Smart Dubai (smart city initiative) and telecom company du.

Dubai Pulse is also one of the developments under Emirates Blockchain Strategy 2021, which was launched in April 2018.

The UAE has also established an objective to ensure that 50% of government dealings will be blockchain-powered by 2021.

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.