Dubai ambitious to become the first Blockchain City in the world by 2020!

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Dubai ambitious to become the first Blockchain City in the world by 2020!

Dubai aims to be the first city in the world to extensively use Blockchain Technology. The idea is that this will help gain access to billions of Dirhams in savings from document processing, create an atmosphere for entrepreneurialism and increase the transparency and security of point-to-point payments. Today, Dubai is ambitiously planning to become the world’s first Blockchain Government by 2020. The Smart Dubai initiative is a public-private partnership to build a smart city with an immaculate experience for its citizens and an active city government powered by the Ledger Based Technology. By doing so, the initiative also identified the following as some of the other advantages of developing a Blockchain powered city government.

Dubai is a very technologically informed department which has already tested an autonomous flying taxi scheduled to become the first ‘Robot’ in the Police forces back in 2017. It’s one of the very few states that has a minister in charge of Artificial Intelligence (AI). The city-state is getting ready for yet another change — digitizing paper records, which can potentially help do away with alterations, thereby protecting the integrity of data storage in the government . All these documents will now be safely transacted using Blockchain. Dubai wants to live up to the name “City of the Future” by investing massively in this project and the team at SDO (Smart Dubai Office) is certain of finishing the project well before time. Some of more than 20 use cases recognized for this project have already started land registry transactions. The Dubai Government has roped in IBM and Consensys to provide their services and partnered with them as technology partners to further their objectives defined in the Smart Dubai initiatives.

The most notable development in this regard happened recently when the retail payment application DubaiPay became blockchain-enabled in a collective effort between the SDO and Dubai’s Department of Finance (DoF).  DubaiPay’s platform is supporting 40 government and non-government agencies and has collected over $35 million in the last year. The new arrangement would permit the platform to settle & register the transactions in real-time. The current settlement system is complicated and time-consuming with the physical revival of the payments resulting in 45 days of settlement period and processing fees. The initial stage of this real-time processing scheme is being led by two of the government departments, namely Dubai Electricity and Water Authority (DEWA) & the Knowledge and Human Development Authority (KHDA), which processed over 5 million deals on the decentralized ledger.

Dubai Tourism has also announced a remodelling of their current system by introducing a Blockchain based virtual marketplace. Another development is that Dubai’s Roads and Transport Authority’s announcement about a vehicle administration system to be released in 2020. The largest bank in Dubai had also launched a Blockchain based plan to counter cheque fraud. Also, the Prime Minister of UAE launched the UAE Blockchain Strategy 2021 that stands on four pillars based on the resident’s happiness, government efficiency, advanced legislation and global entrepreneurship. All these sectors and the Smart Dubai initiative has received international recognition and acclaim for its determined Blockchain endeavour, which continues to take great strides towards the adoption of developing technologies.

As Dubai has set its sight to become the first Blockchain city of the world, there is so much scope and potential in every sector to unravel. Keeping this in mind Trescon is organising World Blockchain Summit in Dubai on 23rd – 24th October 2019 where key industry leaders and government official will come together under one roof and discuss the strategies and use-cases for the same.

Click here to know more about the event.

By | 2019-02-15T18:49:41+00:00 February 15th, 2019|Uncategorized|0 Comments

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