One Dubai-based international court, which deals with civil and commercial disputes in the financial industry, is now planning to launch what it calls a “Court of the Blockchain,” to streamline legal operations.
The announcement of the Dubai International Financial Center Courts
DIFC Courts or the Dubai International Financial Center Courts have announced this Monday, on the 30th of July that it is teaming up with the government-backed Smart Dubai initiative, to form a task force which is going to focus on developing the blockchain-based legal platform.
The DIFC also said that their purpose is to employ a network which is based on the blockchain, as well as smart contracts, to permit different courts to share information in a decentralized manner. With the system, it said that there is also a need to carry out manual tasks like document duplication is going to be eliminated, bringing a higher level of efficiency to the current system.
The task will focus on an R&D effort
As an initial step, both of the partners said that the task force is going to focus on an R&D effort to put court judgment data on a blockchain, so that institutions can verify, as well as share information in real-time for better cross-border law enforcement.
According to the press release, some further research is going to combine expertise and resources, to investigate handling disputes arising out of private and public blockchains, with regulation, as well as contractual terms encoded within the smart contract.
The effort actually came as a part of the broader push of Dubai to bring smart innovations to its government operations.
Governments already announced individual blockchain initiatives
The director general of Smart Dubai Office, named Dr. Aisha Bint Butti Bin Bishr, explained in one announcement from this Monday that the blockchain strategy of Dubai seeks to run 100% of applicable government transactions on blockchain by the year 2020.
The director general also added that an invention of this nature and potential needs an equally disruptive collection of controls and an empowered institution to uphold them. She said that this is where their partnership with DIFC Courts came in, permitting them to work together, as well as create the first disruptive court in the world, helping to unlock the power of blockchain technology truly.
Being part of the 2020 project, different government bodies have already announced individual blockchain initiatives.
For example, in May this year, the Department of Economic Development announced its plans of developing a commercial business registry platform, with the use of blockchain technology. Last year, the Dubai Immigration and Visas Department also said that it was working on blockchain-based passports which could probably eliminate manual checks at the U.A.E. city’s international airport.