An independent organization, the International Courts of the Dubai financial centre (DIFC) announced the creation of the world’s first blockchain-ships optimizing legal operations in the traditional sense.
Representatives of the DIFC courts offering a quick solution to civil and commercial disputes in the financial industry, announced a partnership with the development team of the Smart Dubai initiative, under which the working group will be formed to develop a legal platform based on the blockchain.
According to a press release, the aim of cooperation is to use the blockchain network and smart contracts, allowing for the effective exchange of information between courts organized on a decentralized scheme. It is expected that the need to perform manual operations, such as creating duplicates of documents, the current system will reach a new level of efficiency.
Employees of partner companies explained that initially will conduct all necessary research with a view to further data movement of judicial decisions in the blockchain. According to the expectations of developers, institutions will be able to control information and share it in real time, which in turn will increase the effectiveness of international law enforcement.
“Future research will combine the expertise and resources to study the peculiarities of resolution of disputes related to public and private blockchains, regulatory standards and contractual terms that are encrypted in the smart contracts”, — stated in a press release.
It is worth noting that the initiative is part of the strategy of development of Dubai, providing for the introduction of “smart innovation” in all spheres of activities of the government and transfer of all government transactions on the blockchain by 2020.
We are talking about “100% of the operations of the government, for which this is possible”, — stressed the Director General of Dubai Smart Office Dr. Aisha Bint Butti Bin Bishr (Dr Aisha Bint Butti Bin Bishr).
“The invention of this magnitude and potential needs the same “subversive” set of rules and the authorized agencies for their support. It’s just the scope of activities of our partnership with DIFC courts, which will allow us together to create the world’s first “subversive” the court, helping to truly reveal the possibilities of blockchain technology” – said the head of the Smart Dubai Office.
Recall, many government agencies of Dubai have already announced their own blockchain initiatives being considered as part of the overall blockchain.
For example, in may, the Department of economic development announced plans to develop a platform based on the blockchain for business registration. In June, the Management of the free economic zone Dubai airport said that work on the first commercial blockchain-a platform for free economic zones.
While last year it became known that visa and immigration structures of Dubai, in partnership with UK start-up engaged in the creation of the blockchain system to cancel a manual check of passports at the international airport of Dubai.
Financial institutions of Dubai are also on the cutting edge of innovation: national Bank of Dubai in April announced the successful implementation of the technology in the system of issuing checks to prevent fraud.
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