Decrypt’s Art, Fashion, and Entertainment Hub.
The Dubai Department of Economic Development (Dubai Economy) announced Monday it will move its services to a blockchain-based business registry platform. The platform, called Unified Business Registry Platform (UBRP), will let local and federal entities in the United Arab Emirati city to validate businesses licenses, which Dubai Economy said will allow for better regulation.
UBRP is built on the Dubai Pulse’s Blockchain Platform as a Service (BPaaS) system. On the BPaaS system, announced at this week’s GITEX Technology Week in Dubai, governments can manage trade licenses and corporate registries. BPaaS uses two different protocols: the hyperledger fabric and the enterprise client of Ethereum.
Three government entities already use the platform, which started operations last year: Dubai Silicon Oasis Authority, Dubai Electricity and Water Authority (DEWA) and Dubai Multi Commodities Centre (DMCC). Dubai Economy said it plans to host 40 governmental bodies on the platform.
“Dubai Economy is moving to the next level of its digital transformation with the Unified Business Registry Platform 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 Corporate Support Services sector in Dubai Economy.
The advancements are part of the United Arab Emirates’ “Vision 2021 plan”. According to the UAE’s website, the plan is to turn the UAE into a “competitive knowledge-based economy”, adding “high-value sectors”.