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.