The Dubai International Financial Center has announced that they will launch a new blockchain-based initiative. They are going to partner with the Smart Dubai project for this venture. This partnership will result in the formation of the world’s first Court of Blockchain.
The announcement was made on the 30th of July, 2018. This new partnership between Smart Dubai and the DIFC will explore blockchain technology. Through the innovations in this new technology, its applications in cross-border court judgments will be explored. There is a potential to create the first-ever blockchain technology-based judiciary system for the world. It will allow decentralized information systems between different courts to coordinate and establish an international system.
Dubai’s Blockchain-Powered Future
The new court system will be targeting the use of blockchain technology to make the judicial process smoother. It will minimize the need for duplicating documents and improve the overall efficiency of the legal system in Dubai.
The DIFC courts have the job of providing resolutions to commercial and civil disputes. These include the likes of international transactions, employee disputes and debt collection.
This partnership is aiming to provide quick implementation of the new technology. The whole model of governance and economy will see itself become revamped. Smart contracts that can deal with dispute resolution will create a lot of opportunities for improvement.
The Chief Executive Officer of the DIFC Courts talked about the new partnership. He said that this new task force will deliver the courts as a service. Powered by blockchain technology, Dubai will cement its position in the forefront of legal technology. It will set new standards for legal processions for the world to follow.
The court of the blockchain project is in line with Dubai’s push for a blockchain-powered future. Dubai boasts an extensive network of task forces. They are all working towards building a bright digital future for the city-state.
The director General of the Smart Dubai Office, Dr Aisha Bint Butti Bin Bishr says that the region has become a global trailblazer.
It is embracing advancements in technology to steer the region towards a more secure future.
Blockchain technology has been a revelation for the world with all the disruption it has caused. The potential uses for the technology are apparently endless. This invention of such a high caliber yet equally disruptive nature is providing a new set of rules, which are more effective. They make them easier for the institutions to uphold them.
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