The Dubai International Financial Center (DIFC) Courts announced that it is partnering with Smart Dubai to explore the feasibility of a court which will be using blockchain technology for speeding up its many processes, according to the court’s press release yesterday, July 30.
The partnership will utilize smart contracts across the blockchain and will allow certain exceptions and conditions for flawless and efficient dispute settlement.
Amna Al Owais, chief executive and registrar of DIFC Courts, said that the newly-formed task force will be operating in consonance with their mandate to deliver courts as a blockchain-powered service, and is extended through cooperation agreements and alliances.
Al Owais added that by harnessing blockchain, Dubai will be at the “forefront of legal tech and judicial innovation, setting the standards for countries and judiciaries to follow.”
Dr. Aisha Bint Butti Bin Bishr, Director General of the Smart Dubai Office, said that the initiative was led by the ambitious vision of their leadership and that this caused for the said organization to transform Dubai into a full-fledged smart city.
Dr. Aisha continued:
“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 [technology], where the Dubai Blockchain Strategy seeks to run 100 percent of applicable government transactions on blockchain by 2020.”
One Of The Many
This is just one of the many engagements of the emirate with blockchain technology. Last month, the local government expressed support for its project known as the Digital Silk Road. Contrary to what the name suggests, the project will be using “digital transformation and process automation” in strengthening the transparency of supply chains. Through this, entrepreneurs would be able to enhance their business capacities through improvements in transactions, all the while reducing the trading of counterfeit goods to a minimum.
Last year, the DIFC Courts, in partnership with the Dubai Future Foundation, announced its launching of the Courts of the Future Forum, which is tasked with crafting guidelines and creating a commercial court that can operate anywhere in the world.
This year, it expanded to accommodate other global commercial courts and aimed to engage specialist technology sector and private sector involvement for the creation of vertical working groups which will be researching further into blockchain technology.
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