This article will give you a head start on the blockchain technology with some latest information on why is Dubai so excited about it.
In the year 1969, we witnessed one of the most disruptive innovations which changed the world for the better; ‘The Internet’. Well now it is not just the only technology that changed our lives upside down, it is followed by ‘blockchain technology’ which, as many believe has the power to change the payments ecosystem globally. Before digging deep into what blockchain is, let us understand its meaning in layman’s language and its connection with Bitcoin.
Is blockchain just a digital ledger system?
Blockchain is a decentralised system that can be a faster, cheaper and a safer way for global transactions. Blockchain is a ledger software code, where ledger simply means keeping a record book of finances. But blockchain is simply not the digitisation of ledger, but promises more to it.
It helps in keeping records of a ledger without the interference of a third party. These parties include businesses that create infrastructure between a payer and banks, businesses that transfer money or submit invoices, etc. Blockchain is also referred to as ‘a way to create trust in the digital age’.
What is the Bitcoin connection?
Blockchain has finally paved its way in 2017 as one of the incredibly disruptive entity rather than just being the backbone for Bitcoin since 2008. For those who know what Bitcoin is or at least have heard of the same, Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle-men, meaning, no banks! There is no need of giving your name and the transaction fee is null.
How will blockchain make Dubai make the most technologically advanced city in the world?
The Crown Prince of Dubai, Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum cited that the ‘Dubai Future Foundation’ will be tasked with overseeing the strategy to its implementation, while the Smart Dubai executes the directive.
Is blockchain econonomical? Eco-friendly? – When the Crown Prince of Dubai announced implementing blockchain in October 2016 in order to achieve high-degree of efficiency in government departments, he also laid a foundation which is appreciated across the globe. The agenda is to go paperless, cutting almost 100 million paper transactions annually. This will also save millions of hours spent on storing and managing paper. This means the same hours can be re-utilized in something else. Wow!
Shared ledger instead of data, documents and papers. And everything is real-time – What has the financial markets intrigued about blockchain is the potential to offer the same shared ledgers across multiple users to perform financial transactions or back-office functions in a manner that delivers real-time data to all parties involved. The ledger is viewable – and usable – at once by any and all nodes on a distributed network (either private or public).
It brings with it an incredible work-life balance – Implementing blockchain will also give stress-free life to people as it requires a setup to be done only once. After a successful setup, people will never have to worry about transaction receipts and authentication from third party businesses concerned with the transaction.
Mohammad Abdullah Al Gergawi, Vice-Chairman of the Board of Trustees and Managing Director of Dubai Future Foundation, said, “The strategy will result in substantial economic saving that can be reinvested in value-added sectors and will contribute to saving millions of hours wasted in entering data and ensuring their veracity. It will also create new economic fields and businesses as the volume of Blockchain market is expected to hit $300 million over the course of the next five years.”
World Blockchain Summit: A global platform to exchange ideas and showcase solutions
With the developments in blockchain technology as they come, Trescon, a Bangalore based global business events and consulting firm has grabbed all the attention which is about to host the first ‘World Blockchain Summit’ in Dubai on 24-25 October 2017. The primary focus is to identify and prioritise the various service areas in public and private organisations that can benefit from blockchain technologies and educate the market about the transformational potential of blockchain and Distributed Ledger Technologies.
Mr. Mohammed Saleem, CEO, Trescon said, “Blockchain technology in different form has been there for over a decade now. This summit is intended to provide a single high-profile platform to all the stakeholders in this game changing technology. Trescon is proud to organise first ever blockchain summit which is hosting global blockchain gurus and technology players in this space including emerging start-ups, with regional businesses and IT leaders from across key industry verticals”
For more information on the announcement,
logon to www.worldblockchainsummit.com or contact +91 80 3911 3942
P.S.: In my next article, I will talk about the three pillars of blockchain implementation and also about how Dubai’s healthcare systems can transform from the best to exceptional using blockchain technology.