Dubai government authorities have unveiled a joint blockchain project aimed at enhancing the ease of setting up and operating business in Dubai.

Dubbed “Dubai Blockchain Business Registry Project,” the project is a joint initiative between the Department of Economic Development (DED) and Dubai Silicon Oasis Authority (DSOA), and developed in collaboration with Smart Dubai and IBM.

The project seeks to empower the Unified Commercial Registry (UCR) project, the first blockchain-enabled trade license repository launched by the DED, to store and update company registration information issued by the department as well as the free zone authorities in Dubai.

In addition to streamlining the process of doing business in Dubai, the project plans to roll out a digital exchange of trade licenses and related documentation for all business activities. It will also help to ensure regulatory compliance across Dubai's business ecosystem.

"The Unified Commercial Registry is a foundation for the business ledger, led by the Department of Economic Development to usher in the future of business in Dubai, UAE and the world. With the Blockchain Corporate Registry, investment as well as doing business in Dubai will become a seamless and smart experience, and testimony to successful innovation," Sami Al Qamzi, Director General of DED, said.

According to the official release, the DSOA will be the first free zone to implement the pilot project. However, other entities will be able to query and publish data as required.