With the goal of creating a “Court of the Blockchain,” the Dubai International Financial Centre (DIFC) Courts and Smart Dubai have tied a knot to improve the city’s legal system, as reported by Arabian Business, a media outlet.
The partnership between DIFC and Smart Dubai is expected to explore how the innovative technology can aid in validating court decisions for cross-border issues in implementing a “blockchain-powered judiciary.”
The joint exploration of the two groups’ task force is committed to using the technology in different processes to ensure the legal ecosystem is more efficient. Also, this will lead a research in resolving conflicts within the context of both public and private blockchains by checking the current smart contract systems.
Arabian Business noted the project will be involved in establishing smart contracts that focus on logic and enable different exceptions and conditions while reducing the potential of the irrevocability of smart contract-powered transactions and providing “seamless and efficient dispute resolution.”
Dr. Aisha bint Butti Bin Bishr, Smart Dubai director general, shared that the Dubai Blockchain Strategy seeks to provide by 2020 “100% of applicable government transactions on Blockchain.”
He added this technology needs an equally disruptive set of rules and a recognized institution to achieve them. He cited this is where the partnership with DIFC Courts sets in.
Initially, Dubai’s aspiration to be a leading blockchain hub has been cited in some high-profile projects in relation to its Dubai 10x goal of “being 10 years advanced” compared from other global world cities with its release of a state-issued cryptocurrency sometime in October 2017, seeking to be the first blockchain government by 2020.
Dubai Vice-Pres. Sheikh Mohammed bin Rashid has recently launched the latest “UAE Blockchain Strategy 2021” this April. Also, the UAE prime minister noted “50% of government transactions on the federal level will be handled through blockchain technology” by 2021.
The official is expecting that the blockchain implementation would increase the citizen’s level of comfort with millions of labor hours saved and speeding up the release of government documents.