For improving business in Dubai, the Department for Economic Development (DED) and the Dubai Silicon Oasis Authority (DSOA) launched a joint program that will be done in cooperation with Smart Dubai and IBM.

The main aim of this program is empowering the Unified Commercial Registry (UCR), the first blockchain-enabled trade license repository launched by DED, for storing and updating companies registration data issued by DED and the free zone jurisdiction in Dubai.

Director General of DED, Sami Al Qamzi, announced:

“The Unified Commercial Registry is a foundation for the business ledger, led by the Department of Economic Development to usher in the future of business in Dubai, UAE and the world. 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,”

Besides, he added:

“The Blockchain Corporate Registry provides a template for collaboration between government departments, government-related entities and the private sector to reinforce Dubai as a hub for business expansion and entrepreneurship. We are delighted to welcome the Dubai Silicon Oasis Authority on board as the first free zone entity to integrate DED’s business ledger. DED always seeks to integrate the latest technologies for added competitiveness and customer happiness across services in Dubai,”

Director General, Smart Dubai, Dr. Aisha Bin BIshr, said:

“Having 100% of all applicable Dubai government transactions run on Blockchain is the first pillar of the Dubai Blockchain Strategy, and ongoing collaboration with government and private sector entities is crucial to our success. The launch of the Commercial Registry Project is testament to our drive towards making Dubai run on Blockchain by 2020. We are working on over 20 more use cases with several entities across the city, and hope to launch these later this year.”

By the 2020 Dubai intends to become the first city fully powered by blockchain.