Courts of the Dubai International Financial Center (DIFC) together with the Smart Dubai initiative will create the world’s first court based on blockchain technology, which will help find new ways to verify court decisions to strengthen the international justice system.
This cooperation will be an important step towards creating a judiciary system based on blockchain technology, as it will speed up the litigation, help avoid duplication of documents and increase the effectiveness of the legal ecosystem.
Using blockchain technology, Dubai has all chances to stand at the head of technical innovations for the legal and judicial branches, becomimg an example for other countries. The management of the Smart Dubai initiative office notes that the project on building a court based on blockchain technology is part of Dubai’s overall strategy of digitizing all types of public services.
It is also planned to find ways of resolving disputes related to private and public blockchain. In this case, decisions will be made taking into account the regulatory principles and contractual terms encoded in smart contracts. Nowadays, transactions based on smart contracts are irretrievable, since they have no technical means of cancellation the transaction.
The DIFC and Smart Dubai courts announce that they will work on modeling smart contacts in which logic based on different principles will be applied and allowing various exceptions to effectively resolve differences.
As part of its strategy to implement blockchain by 2020, Dubai plans to implement all government transactions based on this technology. According to representatives of Smart Dubai, the project of this level and capacity also requires a set of regulatory standards, as well as an authority that will be entrusted with monitoring their implementation. This is the main aspect of cooperation between Smart Dubai and DIFC courts.
In 2017, the DIFC courts and the Dubai Future Foundation organized a forum “The Courts of the Future”, which goal was to formulate such principles for commercial vessels that may be applicable throughout the world. This year the Forum has expanded its scope. Representatives of the technology sector as well as the private sector joined in. The work of specialists is aimed at research in such areas as blockchain.