Dubai is among the fastest growing cities in our world. Its economy is growing at an extreme pace and seeks to grow even more during the next couple of years, through upscaling their system using blockchain technology, and eventually creating “smart Dubai”.
The joint initiative of Department of Economic Development (DED) and Dubai Silicon Oasis Authority (DSOA) called Dubai Blockchain Business Registry Project, is aligned with the city’s Blockchain Strategy, launched in 2016 by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince and Chairman of the Executive Council, seeking to establish Dubai as the first city to be fully powered by blockchain by 2020.
Their goal is to launch blockchain business registry in order to ease market entry. DSO, the integrated free zone technology park, will be the first free zone to implement the pilot project. Their plan is to have finished their project’s development as soon as this year’s end, and to have equipped Dubai with IoT devices by the end of 2019.
The Registry will store registration information and track of changes from companies, and thus “will streamline the process of setting up and operating a business, roll out digital exchange of trade licenses and related documentation for all business activities, and ensure regulatory compliance across Dubai’s business ecosystem,” as the press release explains.
Amr Refaat, General Manager, IBM Middle East said: “IBM is proud to collaborate with DED, Smart Dubai Office and Dubai Silicon Oasis on this journey to revolutionize the business ecosystem in the UAE. Dubai is a leader in innovation with many ambitious projects that have already become a reality. With the first phase of this project already in place to form the first active Blockchain commerce registry network, there is keen interest from other public and private entities to join the network.”
After the creation and materialization of the new smart city, the plan is to sell their system and code to other cities and countries and help them create their own IoT ecosystems. This way they hope to help raise the awareness of every city to the positive applications of the Internet of Things.
The era where our lives will be altered by the way we use electronic devices is not too far. We have already been using phones, computers, and cars for quite some time now and have already made them part of our lives. Soon Distributed Ledger Technology will be accessible by a larger variety of people, and once we recognize the profits we will learn to love it. Dubai is one of the first to recognize this opportunity and takes the prime step to achieve a smart city.