GEC NEWS WIREThe Dubai International Financial Centre (DIFC) Courts have partnered with Smart Dubai to create the world’s first Court of the Blockchain. Building on existing dispute resolution services, the alliance will initially explore how to aid verification of court judgments for cross-border enforcement.
The partnership is the first step in creating a blockchain-powered future for the judiciary which will have far-reaching benefits, including streamlining the judicial process, removing document duplications, and driving greater efficiencies across the entire legal ecosystem.
Future research will combine expertise and resources to investigate handling disputes arising out of private and public blockchains, with regulation and contractual terms encoded within the smart contract. Currently, blockchain-based smart contract transactions are irrevocable and there is no technical means to unwind a transaction. The joint taskforce will model smart contracts across the blockchain that incorporate logic and allow for various forms of exceptions and conditions for seamless and more efficient dispute resolution.
Amna Al Owais, Chief Executive & Registrar, DIFC Courts, said: “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.”
Her Excellency Dr Aisha Bint Butti Bin Bishr, Director General of the Smart Dubai Office (SDO), said: “Led by the ambitious vision of our leadership, Smart Dubai has set out to transform the emirate into a fully-fledged smart city where all services are digitised. The emirate has become a global trailblazer in embracing advanced technologies and steering 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.”
“An invention of this calibre and potential requires an equally disruptive set of rules and an empowered institution to uphold them. This is where our partnership with DIFC Courts comes in, allowing us to work together and create the world’s first disruptive court, helping to truly unlock the power of blockchain technology,” Dr Aisha added.
