Dubai Economy Moves to Blockchain-Based Unified Business Registry Platform
Lucas Cacioli Oct 08, 2019 02:00
Dubai’s Department of Economic Development has announced its move to a Unified Business Registry Platform (UBRP). The UBRP is hosted on the innovative Blockchain Platform as a Service (BPaaS) of Dubai Pulse which is a joint initiative of Smart Dubai and du.
Dubai’s Department of Economic Development has announced its move to a Unified Business Registry Platform (UBRP). The UBRP is hosted on the innovative Blockchain Platform as a Service (BPaaS) of Dubai Pulse which is a joint initiative of Smart Dubai and du.
As reported in the Saudi Gazette on Monday, the UBRP will enable local and federal entities to provide a unified and transparent outlook of business in Dubai and establish a better regulation model. The platform aims to enhance business practices and enable license issuers to better manage trade and corporate registry.
The UBRP eventually aims to host a total of 40 government entities and has already recruited three major entities—the Silicon Oasis Authority, the Dubai Electricity and Water Authority, and Dubai Multi Commodities Centre—to the platform.
Wesam Lootah, CEO of Smart Dubai Government Establishment, said, “The success of the flagship Dubai Pulse platform means it is now a mainstay for all government entities and enterprises looking to utilize its transformative capabilities. Many government entities are enjoying the innovative value of the platform and, with the Unified Business Registry Platform, we are another step closer to realizing the vision for a happier, smarter, and more digitally-enabled Dubai.”
The blockchain solution is the first locally-hosted BPaaS in the UAE which serves two different protocols—Hyperledger fabric and enterprise client of Ethereum. Leveraging its features, the platform will facilitate scalability and onboarding of new entities, with capabilities for entity nodes to be hosted on Dubai Pulse or on external infrastructure. The UAE has projected that 50% of government transactions will be blockchain-based by 2021.
Image via Shutterstock
Image source: Shutterstock
