The Dubai International Financial Centre (DIFC) has partnered with the Smart Dubai initiative to develop what the allies call a “Court of the Blockchain.”
The initiative will look into how blockchain technology could be used to verify judgments for cross-border enforcement. It will also look at streamlining the judicial process, removing document duplications, and make the legal ecosystem more efficient.
The partnership will also look at how to handle disputes connected to private and public blockchains, using smart contracts for regulation and contractual terms.
“This 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,” said Amna Al Owais, DIFC chief executive and registrar.
“By harnessing blockchain technology, Dubai will be firmly positioned at the forefront of legal tech and judicial innovation, setting the standards for countries and judiciaries to follow,” she said.
The taskforce will also work to model smart contracts across the blockchain that incorporate logic and allow exceptions and conditions to the fit dispute resolution process.