Economic Dept. of Dubai Unveils Blockchain-Based Business Registry

The Division of Financial Growth in Dubai has introduced its transfer to a blockchain-based unified enterprise registry platform (UBRP).

In accordance with a Saudi Gazette report on Oct. 7, the platform goals to enhance the benefit of doing enterprise in Dubai and allow license issuers to handle commerce licenses and company registries.

The Silicon Oasis Authority, the Dubai Electrical energy and Water Authority, and Dubai Multi Commodities Centre have already joined the platform. The UBRP finally goals to host a complete of 40 authorities entities. 

The answer is hosted on the blockchain-as-a-service platform referred to as Dubai Pulse, which is a joint initiative of Good Dubai — Duba’s good metropolis initiative — and telecommunications agency du. Dubai Pulse can be a part of the broader Emirates Blockchain Technique 2021, which was introduced in April 2018.

The UAE has set a purpose to guarantee that 50% of presidency transactions will probably be blockchain-based by 2021.

Dubai to launch Know Your Buyer-focused blockchain affiliation

Cointelegraph reported in July partnership between the Dubai Worldwide Monetary Centre, Mashreq Financial institution and fintech agency Norbloc was planning to launch a blockchain-based Know Your Buyer (KYC) data-sharing affiliation in 2020, with the intention to mix the KYC efforts of collaborating monetary establishments and authorities our bodies.

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