Dubai – Mubasher: The emirate of Dubai is making headways towards spurring overseas investment and entrepreneurs.
To this end, Dubai, located on the Eastern coast of the Arabian Peninsula, will be the world’s first city to be powered by Blockchain technology by 2020.
Earlier this month, the Department of Economic Development (DED) has announced a join Blockchain commitment alongside Dubai Silicon Oasis Authority, which is called “Dubai Blockchain Business Registry”.
This initiative was launched in coordination with Smart Dubai office and IBM, the technology partner of Dubai.
“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,” Aisha Bin Blshr, Smart Dubai director-general, commented.
The new system will help businesses to be registered using efficient digital methods rather than traditional systems.
Dubai’s blockchain activity “far exceeds just about every other place because it has made the mandate, from a government perspective, that in December of 2021 they won’t be using any paper-based systems. In order to do this, they are putting all documents on a blockchain,” said IBM’s general manager Marie Wieck.
