Dubai Aims to Become Global Hub of Blockchain Technology

516
Dubai aims to become the Global Hub of Blockchain Technology

Blockchain is spreading across many countries, slowly and very similar to how the Internet did. People are still waiting for the right shot and angle. True adoption of any new technology requires time, believers, understanding and vision. Shouldering up with the developed countries of the World who have already tasted the technology, the Eastern Arabian Countries also started implementation of Blockchain technology into their system with full energy.

Let us see where Dubai has reached in its journey with Blockchain technology!

Dubai – The City of the Future

The Arab Country has a separate agency called Smart Dubai which assures that the country is updated with the latest technology prevailing in the world market. Dubai’s latest announcement is the introduction and involvement into blockchain-based services. Many companies such as IBM (NASDAQ:IBM) and Consensys are among the partners in this perspective.

They currently have around 20 Use Cases which are under pilot. They also have many that are already implemented and running.

DubaiPay Using Blockchain

The DubaiPay platform has around 27 government and 14 non-government entities making it to more than all entities altogether. The blockchain project has been undertaken by Avazana Solutions. The working team will consist of Smart Dubai agency and Department of Finance. Other Government wings like the Dubai Police, Roads and Transport Authority, Dubai Health Authority, Dubai Airports, Dubai Customs, Dubai Municipality, Department of Tourism and Commerce Marketing, Dubai Courts, Dubai Holding, and a number of banks and financial services providers also may soon join the platform, to make the nation the most efficient and attractive for more foreign investments.

The Dubai Electricity and Water Authority (DEWA) and the Knowledge and Human Development Authority (KHDA) have already implemented the system into their business model, and they have processed over 5 million transactions till now. They claim to save around 25 million hours and tons of paperwork.

Dubai Partners with IBM and ConsenSys

IBM and ConsenSys are leading two different types of protocols. IBM is providing the protocol of Hyperledger , while ConsenSys focuses on Ethereum. Dubai wants their respective best, as the country believe that it is advanced enough to shape the future. Possibly mixing the two protocols for the Dubai Implementation.

Dr Aisha Bin Bishr, Director General, Smart Dubai Office compares this technology introduction with that of Internet entry time, where for a new thing to come into the market needs believers, supporters. Initially, it seems to utmost difficult later there is complete understanding attained. His Highness Crown Prince of Dubai is a Stronger Believer that Dubai will be the Blockchain Technology by 2020.

“Smart People” pillar under Smart Dubai plan includes Partnering with many educational institutions locally and globally like Rochester Institute of technology, Dubai University, etc to provide many courses to bring more talent and build new buddings to empower themselves for the future technology.

The government-backed blockchain Technology will help people to track vehicle history. Initially, it is only for cars in Dubai but later on their planning to expand the coverage to all cars in the United Arab Emirates. This will effectively unified vehicle information across the state. The same is to be launched by around 2020.

Cut Check Related Fraud

As a part of the adoption of blockchain Technology, Dubai is implementing its blockchain Technology on banking sectors too. Emirates NBD which is the biggest bank of Dubai has recently taken up a project called “Cheque Chain” which will significantly reduce cheque-related Frauds.

Each cheque in the chequebook of the customer will have a code on it which signifies its uniqueness and genuinity. It will be registered/recorded on the blockchain platform with this code. This will make validation by bank officials handy and easy to work with. This initiative can drastically reduce many cheque frauds prevailing in the financial sector and may lead to strengthening the risk and security management of various linked processes.

Dubai Tourism

Tourism is any Country, is one of the strategies to boost the inflow of foreign cash into the Country.

Dubai has already declared its motive to democratize the tourism sector with blockchain technology by innovating a virtual B2B platform for the travel industry.
By democratizing the platform, they aim for more freedom of choice in the hands of the tourists, equal opportunity for all levels of travel companies. They also believe this will indirectly improve their employment rates as this will pave way for new entrepreneurs and startups to rise.

Disclaimer

BlockchainStocks.com has not been paid to mention any stock / company within this article nor do we own any stock in any company mentioned within this article. More information about our full disclosure can be found here – Full Disclaimer.