An international court dealing with civil and commercial hearings in the finance industry based in Dubai is planning to unveil what they have dubbed as the “court of the Blockchain” in order to streamline legal operations in the country. In a move that is the first of its kind, the Dubai International Financial center (DIFC) revealed on Monday that it would be joining forces with the Smart Dubai initiative which enjoys government backing. The partnership between the Smart Dubai initiative and the Dubai International Financial Center (DIFC) will seek to form a task force that will concentrate on developing and perfecting the blockchain based legal system.
According to the Dubai International Financial Center (DIFC), the goal of the project is to develop a network that will based on the blockchain as well as employ Smart contracts in order to give different courts the ability to share information in a manner that is decentralized which will be worlds apart from the conventional methods of information sharing different courts have been employing. When the new blockchain based is system is finally up and running, the need to execute manual tasks such as duplication of legal documents will be eliminated. This will introduce an unprecedented level of efficiency to the system that is currently in operation.
The two partners involved in the creation and deployment of the first blockchain based legal system, will first of all pursue Research and development which will eventually see to it that court judgment data is put on the blockchain so that various institutions can verify the data and share information in real time for better international enforcement of the law. More research will utilize both expertise and resources to get to the bottom of handling disputes that arise out of private and public block chains. The regulatory and contractual terms will be encoded within the smart contract. These efforts seem to be taking place just at the right time as the government of Dubai seeks to mount a wider and harder push to bring smart innovations to its government operations.
Addressing the partnership with the Dubai International Financial Center (DIFC) and the blockchain at large, Dr. Aisha Bint Butti Bin Bishr, director general of the Smart Dubai initiative, revealed that Dubai’s blockchain plan seeks to see all applicable government transactions run on the blockchain by the year 2020. Of their partnership with DIFC, the director general said that the partnership would help see to it that collaborative efforts are made to create the world’s first court. She further stated that if their efforts paid off it would definitely unlock the true power of the blockchain. Other government bodies in the country are also gearing up for 2020, with the country’s immigration department working on blockchain-based passports while the department of economic development plots the creation of a digital registry platform using the blockchain.
I am a crypto enthusiast based in Nairobi Kenya, who loves investing, research writing, reading, fitness, African food, and soccer.
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