This month, the UAE Government announced that over 50 per cent of federal transactions would be powered by blockchain technology by 2021 (Khaleej Times 2018), making Dubai the world’s first blockchain powered government. Dubai is heavily investing in its future and dedicating resources to blockchain technology, which will in turn help the country save billions of dollars spent annually on transactions.
The Dubai Blockchain strategy will bring economic opportunity across all major sectors in the city and further drive forward Dubai’s credentials as a global technology leader. Dubai will be pioneering the application of new technology and will aim to build a smart city, with the vision to enhance people’s lives via innovation in technology.
Within the new strategy for Dubai blockchain, there are three key pillars; ‘Government Efficiency’, ‘Industry Creation’ and ‘International Leadership’. This will allow a paperless digital city whereby all documentation (visa applications, bills and licenses) will be transacted online. Further, there will be new business opportunities as well as more seamless travel opportunities, driving forward International Leadership capabilities.
As part of the ‘International Creation’ initiative, the Smart Dubai Office are organising the second round of the Global Blockchain Challenge, in partnership with global innovation network Union. The challenge seeks to source strong and innovative Blockchain start-ups from around the globe to contribute to the implementation of the Dubai Blockchain Strategy.
What is blockchain technology?
“The blockchain is an incorruptible digital leader of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” Don & Alex Tapscott, authors Blockchain Revolution, 2016.
“All online activities are organised into chunks of data, named blocks, which are linked to one another forming a blockchain. Through the use of miners that monitor, verify and record the transactions, every party involved in that business network can witness and access their log of transactions” Forbes, 2017.
Benefits of blockchain technology
The blockchain network has a self-auditing ecosystem of digital value which results in two important properties, the first being that it cannot be corrupted and the second being true transparency. Therefore, the blockchain technology offers a wealth of benefits to both individuals and companies, particularly within the finance sector.
UAE-based Cryptocurrency Exchange
ArabianChain, a Dubai-based start-up, has launched a digital asset exchange designed to make it possible for investors to buy, sell and trade various cryptocurrencies online. The new platform, Palmex, enables users to trade cryptocurrencies such as global currency Bitcoin as well as local cryptocurrencies like DubaiCoin.
Cyrpocurrencies are powered by blockchain technology and therefore, benefit from; fraud protection, immediate settlement, lower fees, decentralisation and recognition at a universal level.
More about Dubai Blockchain Strategy
The Dubai Blockchain Strategy is developed and executed in partnership with the Dubai Future Foundation, the leading independent research organisation that will play a pivotal role in shaping the future of Dubai considering the Dubai Future Agenda adopted by His Highness Sheikh Mohammed bin Rashid Al Maktoum.
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— PRO Partner Group (@PROPartnerGroup) May 14, 2018