The first of its kind ‘Court of the Blockchain’ is prepped to be established in the Gulf world.
Dubai city’s financial hub DIFC (Dubai International Financial Centre) and its government-run transformative scheme, Smart Dubai, are joining forces to bring this ambitious project to life. The aim of this initiative would be to aid the validation of legal judgments relating to blockchain and crypto technology across national borders.
This new judiciary is meant to enhance the judicial machine and bolster the overall legal infrastructure, bringing faster judgment and greater ease of working for businesses in the region.
A statement released by the joint partnership claimed that the two organizations aim to create ideal smart contracts across the blockchain technological spectrum that efficiency brings resolution to legal disputes in this area, as reported by Arabian Business.
Amna Al Owais, the chief executive of DIFC Courts made the following statement: “The 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 or countries and judiciaries to follow.”
Meanwhile, Dr. Aisha bint Butti Bin Bishr, the director general of Smart Dubai, believes that this new initiative helps to assert Dubai’s broader goal of digitally empowered government services.
She comments, “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 percent of applicable government transactions on Blockchain by 2020.”
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