The Dubai International Financial Center (DIFC) Courts focused on settling disputes related to civil and commercial issues in the financial industry has today announced that it would be launching an innovation called “Court of the Blockchain” in collaboration with government established Smart Dubai also known as Smart Dubai Gov or SDG.
DIFC stated that the joint effort centred on creating a blockchain and smart contract-based legal platform was initiated to help modernize legal system and operations in the country.
With the impending innovation, instead of the existing manual and rudiment methods, court information or data would be stored, verified and shared in a decentralised manner that enhances improved cross-border law implementation.
The director general of the Smart Office in Dubai, Dr Aisha Bint Bin Bishr, in her own statement said blockchain is gradually gaining ground in the country, and hopes that by 2020, all related government transactions would be running on blockchain technology as a number of official bodies have started working on the technology in various ways.
Blockchain In The Financial Industry
With the introduction of Cryptocurrency into the fintech industry, blockchain has been the pivot technology spare heading all the affairs of the digital currency in the space. As Cryptocurrency continues to gain ground, many thanks have been issued to blockchain technology due to the advanced feature the digital currency is offering through the technology in the industry.
In the financial sector, Ripple (XRP), Stellar (XLM) and other Cryptocurrencies’ tool have been deployed to save cash, enhance transaction speed, security and reliability while eliminating intermediaries in the industry.
Blockchain In The Automobile Industry
Blockchain continues to be an unmatched technology in the management of data as people, company, and government sectors continues to cherish data more and more.
The automobile industry has recently recognised blockchain technology in the management of its data and other areas. Volkswagen and Audi, one of the leading automobile company in the world, based in Germany are exploring the use of IOTA’s blockchain technology, and it has adopted the technology in various area.
The introduction of blockchain technology is just like the arrival of the long waited imaginary unicorn that is solving most problem in different sectors. Undoubtedly, its effect is being felt in the nook and cranny of the world.