Companies in Dubai will be in a position to operate efficiently after the government resorted to blockchain technology to simplify and increase the ease of doing business in the country.
In a quest to come up with a commercial business registry with blockchain as a major element, the country’s Department of Economic Development (DED) is collaborating with IBM (NYSE:IBM), Smart Dubai initiative and the Dubai Silicon Oasis Authority (DSOA).This was according to a report that was unleashed on Tuesday.
The role of the Dubai Blockchain Business Registry
The Dubai Blockchain Business Registry is a platform that first and foremost makes it possible for a large number of firms to get in touch with the oversees in a bid to gain direct investments. Secondly, it moves quite a long way ensuring regulatory compliance and above all plays a great role in helping streamline the process of setting up business as well as operating it in the country.
The origin of Dubai’s 2020 Blockchain Strategy can be traced from way back in 2016 meanwhile it is said that it has been witnessing steady progress. Authorities have made a statement outlining that at the top of their priorities is the transformation of the emirate into a hub for the technology, a move that will see them succeed in the powering of municipal apparatus. That will of course be from the delivery of public services and much more.
The Director General of DED, Sami Al Qamzi, over a long period of time has been looking forward to that moment when operating business in Dubai will become a smart and seamless experience. He believes that innovation is the secret to boosting the output of any business and reveals that they are currently doing much in that particular line.
The IT Director in DED, Mohamed Alqaizi, while walking out of a business conference that was held recently addressed several journalists, said that their IT team had done quite much in terms of research to get Blockchain initiative to where it stood at the moment. To achieve the goal, they partnered with the Smart Dubai office, IBM and DSOA.