DIFC Courts and Smart Dubai to launch world’s first court of blockchain
The Dubai International Financial Centre (DIFC) Courts and Smart Dubai are creating the world’s first Court of the Blockchain.
Arabian Business reports that the court will explore how to aid verification of court judgments for cross-border enforcement.
According to the statement, the partnership between DIFC Courts and Smart Dubai is a key first step towards creating a blockchain-powered judiciary which, in turn, “will streamline the judicial process, remove document duplications and drive improved efficiencies across the legal ecosystem”.
“In the future, research will focus on how to handle disputes arising from private and public blockchains, with regulation and contractual terms encoded within ‘smart’ contracts. At the moment, blockchain-based smart contract transactions are irrevocable, with no technical means to unwind a transaction”.
Amna Al Owais, chief executive and registrar of DIFC Courts stated that by harnessing blockchain technology Dubai “will be firmly positioned at the forefront of legaltech and judicial innovation, setting the standards or countries and judiciaries to follow”.
“Our partnership with @DIFCCourts allows us to work together and create the world’s first disruptive court, helping to truly unlock the power of blockchain technology. ” – Her Excellency @Aisha_BinBishr pic.twitter.com/P1EQtnl8eW
— Smart Dubai (@SmartDubai) July 30, 2018
According to Dr. Aisha bint Butti Bin Bishr, the director general of the Smart Dubai Office (SDO), the project forms part of Dubai’s larger goal of digitizing all kinds of government services.
“The emirate has become a global trailblazer in embracing advanced technologies and steeling them towards the safety, comfort and happiness of our city’s residents and visitors… One of the most notable of these innovations is Blockchain, where the Dubai Blockchain Strategy seeks to run 100% of applicable government transactions on Blockchain by 2020,” she stated.
As Cryptos.com informed in April, Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai announced that by 2021, 50% of government transactions on the federal level will be conducted using blockchain technology.
During the launch of the UAE Blockchain Strategy he announced that UAE has chosen to adopt the development of ‘Future Industry’ in various aspects as way of development on its path of becoming a world leader in adopting technology.