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Dubai launches company registry blockchain

corporate registry

Yesterday, the Dubai Department of Economic Development (Dubai Economy) announced the launch of its company registration blockchain. The government body worked with Dubai Pulse to host its Unified Business Registry Platform (UBRP) on the firm’s blockchain system. It hopes to streamline registration and improve transparency and regulation.

Dubai Pulse, a joint initiative of Smart Dubai and Emirates Integrated Telecommunications Co. (EITC or du), provided its blockchain platform as a service (BPaaS) for the project. While the UBRP has been in use by some entities since last year, its launch on Dubai Pulse marks its public release.

The UBRP already boasts the Dubai Silicon Oasis Authority, Electricity and Water authority, and Multi Commodities Centre as members. It is the first blockchain platform hosted in the UAE which integrates both Hyperledger Fabric and enterprise Ethereum. This allows for interoperability between protocols and smart contracts.

“Dubai Economy is moving to the next level of its digital transformation with the [UBRP] and we are proud to be in the forefront of Dubai’s march to being the world’s first blockchain powered government,” said Abdullah Hassan, CEO of the agency’s Corporate Support Services sector.

Indeed, Dubai has championed many blockchain solutions, including a Know Your Customer consortium, trade finance projects, mortgage registration, and a government platform with IBM. The Smart Dubai initiative aims to bring the efficiency and transparency of blockchain to citizens and is vital in the emirate’s goal of being a paperless government by 2021.

Yesterday’s announcement adds a corporate registry solution to Dubai’s growing list of projects. With government entities and validation bodies already on board, and plans for 40 to join, the UBRP platform promises reduced costs, easier registration, and data privacy. It resembles China’s pilot revealed last week.

The CEO of Smart Dubai, Wesam Lootah, said: “The success of the flagship Dubai Pulse platform means it is now a mainstay for all government entities and enterprises looking to utilise its transformative capabilities.”

“Many government entities are enjoying the innovative value of the platform and, with the [UBRP], we are another step closer to realising the vision for a happier, smarter, and more digitally-enabled Dubai,” he continued.