The Department of Economic Development in Dubai recently announced the launch of a blockchain-backed business registry platform (UBRP) on the Blockchain Platform as a Service (BPaaS) of Dubai Pulse, a joint initiative of Smart Du. As reported, the initiative plans on improving business transactions and dealings in Dubai with plans of allowing license issuers to manage corporate registries and trade licenses.
A Joint Initiative
The UBRP would allow local and federal bodies to provide its clients with a clearer more transparent approach to digital transactions and would help set up an improved regulation model. The platform’s extra features would include interoperability and digital compatibility between all its blockchain protocols, enterprise, and data security and privacy.
The Silicon Oasis Authority, Water Authority, Dubai Multi Commodities Centre, and Dubai Electricity have already incorporated the platform into their digital transactions.
The UBRP plans on hosting a total of 40 government organizations within its branch. The initiative built on Dubai Pulse’s BPaaS, is the nation’s first locally hosted BPaaS functioning on fulfilling two separate protocols: Hyperledger Fabric and Ethereum’s enterprise client.
The platform would be hosted on the blockchain platform as a digital service platform called the Dubai Pulse, a joint venture of Smart Dubai- Dubai’s smart city initiative and firm du., the country’s major telecommunications firm.
Dubai Plans on Launching a Blockchain Backed KYC Interactive Platform
It was reported in July that a collaboration between the Dubai International Financial Centre, Mashreq Bank and Norbloc, a financial tech firm, was in talks to launch a blockchain-based Know Your Customer (KYC) data-sharing platform in 2020. The platform intends on bringing together the KYC developments of the participating financial firms and government organizations. The program would bring about the creation of a single digital KYC record which could then be authenticated with an electronic identification module allowing users to share their personal data with other financial organizations.