DED Presents Dubai Blockchain Business Registry
News

DED Presents Dubai Blockchain Business Registry

When it comes to Blockchain, Dubai has a rich history. It is one of the most important cities in the world, and it is now aiming to become the Blockchain capital of the world.

The city is now urging entrepreneurs and global investors to set up some Blockchain operations there. The Department of Economic Development (DED) presented a project on Tuesday titled “Dubai Blockchain Business Registry.”

With this project, DED aims to assist the global business players and entrepreneurs to set up Blockchain businesses in the city. The Blockchain technology can reduce the time taken in the process of registration of businesses in the city with the help of distributed ledger technology (DLT).

The Government of Dubai’s statement said:

“The initiative seeks to empower the Unified Commercial Registry (UCR) project, the first Blockchain-enabled trade license repository launched by DED [Department of Economic Activity], to store and update company registration information issued by DED as well as the free zone authorities in Dubai.”

DED plans to implement the pilot project in the technology park—one of the most important free economic zones of United Arab Emirates.

 

The Director General of DED, Sami Al Qamzi, said:

“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, UAW 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.”

It is actually not the first time that Dubai has experimented with the Blockchain technology for facilitating businesses and services, and for reducing bureaucracy. According to a report by UseTheBitcoin, for travelers, the city has plans of creating a virtual Business-to-Business (B2B) marketplace.

Follow CoinFrenzy‘s official Instagram page and Telegram channel to stay updated on whatever is happening in the world of cryptocurrencies and the blockchain technology!

Leave a Response

Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.