Dubai implements blockchain technology in Business Registry services

The Department of Economic Development of Emirate of Dubai announces yesterday (7/10) that it starts the development of business registry platform, a similar business register for governmental purposes.

The platform has a basic goal to ease the business in the Emirates and provide the opportunity in different license facilitators to manage the trading licenses for different activities regarding the operation of each company.

Among the 40 governmental entities that participate in the platform, there are the Dubai Electricity and Water Authority, the Multi Commodities Center and the “Silicon Oasis” Authority. The platform is based on the Dubai Pulse blockchain, a common initiative of Smart Dubai (the smart city branch of Dubai City) and the telecom company DU.

Dubai announced in April 2018 the Emirates Blockchain Strategy, where the UAE will held the 50 % of governmental transactions through blockchain infrastructure until 2021.

Regarding the KYC (Know – Your - Customer) procedures, the Dubai International Financial Center has partnered with Norbloc, a regtech startup, to implement identification procedures through blockchain. This initiative could became a reality around 2020.