The Dubai International Financial Centre (DIFC) has recently announced that it will be launching the world’s first Court of the Blockchain. To bring this project to life, the DIFC has partnered with Smart Dubai.
Together, DIFC and Smart Dubai will explore how blockchain technology could aid verification of court judgments for cross-border enforcement with the end goal of creating a blockchain-powered judiciary.
As described by the official announcement, the partnership will focus on “streamlining the judicial process, removing document duplications, and driving greater efficiencies across the entire legal ecosystem.”
Dubai aims to become a noteworthy blockchain hub
“This task force is in line with our guiding principle to deliver courts as a service, powered by technology and extended through cooperation agreements and alliances. By harnessing blockchain technology, Dubai will be firmly positioned at the forefront of legal tech and judicial innovation, setting the standards for countries and judiciaries to follow,” Amna AI Owais, DIFC Chief Executive and Registrar explained.
To put it as simply as possible, the task force’s main goal is to investigate disputes that arise in both public and private blockchains. Another goal for the partners is to develop regulations and contractual terms that can be encoded in smart contracts.
“Led by the ambitious vision of our leadership, Smart Dubai has set out to transform the emirate into a fully-fledged smart city where all services are digitized,” Dr. Aisha Bint Butti Bin Bishr, Director General of the Smart Dubai Office, expressed his views on the matter.
The General Director went on to say: “The emirate has become a global trailblazer in embracing advanced technologies and steering them towards the safety, comfort, and happiness of our city’s residents and visitors. One of the most notable of these innovations is Blockchain, where the Dubai Blockchain Strategy seeks to run 100% of applicable government transactions on Blockchain by 2020.”
Dubai displays great trust in the potential of blockchain technology
This is not the first major blockchain-related project to arise in Dubai. So far, the National Bank of Dubai has adopted blockchain technology for use in a check-issuance system. The city of Dubai itself displayed great interest in blockchain tech as it launched its local cryptocurrency, emCash, that can be used for various government and non-government services.