The Dubai International Financial Centre (DIFC) Courts has partnered with Smart Dubai to create the world’s first Court of Blockchain, according to the Dubai Media Office.
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.
Dr Aisha Bint Butti bin Bishr, director-general of the Smart Dubai Office (SDO), said: “The emirate has become a global trailblazer in embracing advanced technologies. One of the most notable of these innovations is blockchain.