Dubai employs Blockchain Technology to attract foreign Investment & Business

The city-state launches Blockchain Business Registry, an initiative by the Department of Economic Development (DED) and Dubai Silicon Oasis Authority, which will use blockchain technology to improve the ease of doing business in the city-state. The move aims to attract direct international investments, according to the government's media office.

Blockchain technology will streamline the process of establishing and operating a business in Dubai. It should make digital trading more efficient generally, but in particular help with digital trading of licences and documents that will cover all aspects of running in business in Dubai. In particular, Blockchain Business Registry will ensure regularity compliance with Dubai legislation and regulations.

Technology companies doing business in Dubai are encouraged to use Dubai's Silicon Oasis (DSO), an integrated free zone technology park spanning a 4-square mile area, which is supported by the government via incentives. In the DSO zone, technology companies will be able to share licence information via the Blockchain Business Registry.

The technology was originally developed for cryptocurrencies like Bitcoin. Dubai has already created a platform that will record all land registry records by 2020.