Dubai international financial center (DIFC) courts, which regulate civil and commercial disputes in the financial industry, are planning to launch a blockchain platform to sort legal transactions. This will allow different courts to share information through a decentralized network. DIFС courts together with Smart Dubai governmental organization will form a task force that will focus on the development of a legal platform based on blockchain technology. The aim of the project is to use the blockchain network and smart contacts for information exchange between courts in a decentralized manner. With the help of blockchain, the judicial system will get rid of many processes that have to be done manually today, as well as excessive document flow. As a result, the system should become more efficient. In the first stage, the working group will focus on preserving judicial decisions in the blockchain. The courts will then be able to verify the information and share it in real time to improve cross-border law enforcement. DIFC courts are an independent common law court system. Since 2011, they have the right to conduct any local or international cases, as well as to resolve commercial disputes with the consent of all parties. Earlier it became known that the UAE would create the Dubai commercial business registry (Dubai Blockchain Business Registry) on the blockchain. It will simplify the registration process and operation of companies in the Emirate. In addition, it is responsible for ensuring compliance with norms and standards and helping companies to obtain foreign direct investment. This platform will simplify business processes, provide digital exchange of trade licenses and relevant documentation for any business activity and improve the efficiency of government institutions. |
