Dubai and IBM Collaborate to Launch a Game-Changing Blockchain Business Registry

Transforming Business Operations in Dubai

In a groundbreaking move, Dubai has teamed up with IBM to initiate a Blockchain Business Registry that promises to redefine the way businesses operate within its jurisdiction. This remarkable announcement surfaced in a press release dated May 1, marking another milestone in Dubai’s ambitious 2020 Blockchain Strategy.

The Players Involved

This initiative is a collaborative effort between several key organizations including IBM, Smart Dubai, and the Dubai Silicon Oasis Authority (DSOA). Moreover, the government is actively involved through the Department of Economic Development (DED), which provides essential regulatory support.

Key Features of the Blockchain Registry

The newly proposed Registry is set to enhance Dubai’s existing blockchain framework known as the Unified Commercial Registry (UCR). The goals of the Registry are as follows:

• Store comprehensive registration information from various businesses.
• Track changes to registration data seamlessly.
• Streamline procedures for setting up businesses.
• Facilitate digital exchanges of trade licenses and documentation.
• Ensure adherence to regulatory compliance across Dubai’s business ecosystem.

Progress on the Blockchain Strategy

Since its inception in 2016, the 2020 Blockchain Strategy has made impressive strides. The overarching vision is to morph Dubai into a technological hub, leveraging blockchain to elevate municipal services and create a smart urban environment. With this latest development, investment and business operations in Dubai are set to become not just easier, but smarter.

Voices of Innovation

The excitement surrounding the initiative was aptly captured by Sami Al Qamzi, Director General of DED, who stated, “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.”

Amr Refaat, general manager of IBM Middle East, echoed this enthusiasm, recognizing Dubai as a leader in innovation with numerous ambitious and successful projects.