Dubai International Financial Center is planning to launch the world's first blockchain court

Aug 30, 2018

The Dubai International Financial Centre (DIFC) has partnered with Smart Dubai to establish the world’s first “Court of the Blockchain”. The abovementioned organizations recently announced that they are conducting researches regarding the blockchain technology and how it can be implemented, and used to enforce court rulings and separately on the resolution and mitigation of disputes relating to blockchain-enabled agreements.

In a few words, blockchain is distributed ledger technology (also known as DLT) which allowing digital information to be distributed at the highest security level. Originally developed for the digital currency, DLT technology is not restricted to it. Tech community is now finding out other potential uses for this technology. It has huge potential to be employed for a range of other purposes, from financial services – for instance, the settlement of financial transactions – to cross-border trades, public management, and even elections.

Amna Al Owais, Chief Executive & Registrar, DIFC Courts, stated:

“This taskforce 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 LegalTech and judicial innovation, setting the standards for countries and judiciaries to follow.”

In accordance with the DIFC, its Courts are now collaborating with Smart Dubai on a numerous of blockchain-oriented projects in the legal area. They are collectively work on managing disputes arising out of private and public blockchains.

Stay tuned with Offshorelicense to be informed of all legal news in relation to blockchain, LegalTech and other digital industries.

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