The first Blockchan Court is about to be created by Dubai International Financial Centre Courts (DIFC) newly formed task force. The project emerges in line with the Smart Dubai Initiative.
31 July, AtoZ Markets – The Dubai International Financial Centre Courts (DIFC) have created a task force that will aim to investigate the use of Blockchain to advance the country’s court system. The idea comes as a part of the Smart Dubai initiative.
Dubai DIFC to Create First Blockchain Court
The DIFC is a specialized court system that manages commercial disputes. It has announced that it plans to form what it called the “first Blockchain court.” The project emerges in line with the Smart Dubai Initiative. The latter connects private and governmental sector participants in a bid to use technology to “empower, deliver and promote an efficient, seamless, safe and impactful city experience for residents and visitors.”
In the official announcement, the chief executive of the DIFC Amna Al Owais stated:
“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.”
Dubai Blockchain Initiatives
Following on this, the director of the Smart Dubai office, Dr. Aisha Bint Butti Bin Bishr, has stated that the collaboration with DIFC would enable the two companies to “create the world’s first disruptive court, helping to truly unlock the power of blockchain technology.”
Dubai has previously expressed similar motives to integrate Blockchain into the governmental processes. Earlier this April, Emirates NBD, the biggest Dubai bank, has launched a Blockchain-based project entitled “Cheque Chain.” The project aims to significantly decrease check-related fraud.
The project is a Blockchain-based technology that is intended to solidify the security standards across the banking sector within the country. It is expected that the project will largely benefit the customers of the bank.
The bank’s Chief Operating Officer (COO) Abdulla Qassem has commented on the news:
“Emirates NBD is committed to exploring commercial uses for this innovative technology. After a successful pilot phase, we are pleased to roll out Cheque Chain to our customers nationwide, becoming the first bank in the region to offer this service.”
Just as its name suggests, Cheque Chain is mostly aimed at the transactions that are handled with checks. It allows for the unique QR code to be set out on every single page of issued checkbooks.
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