Dubai’s government is turning to blockchain technology to pave the way for foreign investments and businesses to come into the city-state Emirate. In a recent announcement, the city’s Department of Economic Development (DED) has unveiled a joint blockchain endeavour alongside the Dubai Silicon Oasis Authority, labelled the ‘Dubai Blockchain Business Registry’. The project, developed in collaboration with the Smart Dubai office and notable long-time technology partner and early blockchain developer IBM, will ‘improve ease of doing business in Dubai and facilitate foreign direct investments’, the government’s media office said.

The sweeping blockchain-powered project aims to streamline the process of establishing and operating a business in Dubai, enable efficient digital trading of licenses and documents covering all facets of a business and, crucially, ensure regulatory compliance with Dubai’s rules.