Dubai Department of Economic Development to Switch to Blockchain Platform

Dubai's Department of Economic Development has announced the transition to the blockchain-based unified business registry platform (UBRP). According to a report by Saudi Gazette on October 7, the platform is designed to enhance the convenience of doing business in Dubai and enable license issuers to manage trade licenses and corporate registries.

Several authorities have already joined the platform, UBRP ultimately seeks to host a total of 40 government entities.

The solution is hosted on a BaaS platform (“blockchain as a service”) called Dubai Pulse, which, in turn, is also part of the larger strategic initiative called Emirates Blockchain 2021, which was announced in April 2018. The UAE has set a goal to ensure by 2021 that 50% of government transactions would be based on blockchain. Also in July of this year, a partnership was concluded between the Dubai International Financial Center, Mashreq Bank and fintech company Norbloc. The goal of partnership is to create a Know-Your-Client data exchange blockchain-based association, by 2020.

Image courtesy of Emirates 24/7