Blockchain technology has become the holy grail of the technology sector. Its endless capabilities have influenced the development and implementation of distributed ledger based solutions in virtually every industry and government. However, not all countries are equally involved in the new initiative. Some of them, like Dubai, has gone an extra mile to encourage the use of cryptocurrency technology across various domains.
Judging by the frequency of announcements about new projects and partnerships, Dubai — the financial capital of the United Arab Emirates is one of the leading contenders for the title “The Blockchain City” if there is such a competition. Embracing new technology is not a new thing for the city, and blockchain adoption fits right into the region’s trend.
The recent announcements, including the Emirate’s vision to have all government services running on blockchain by 2020 has caught the world’s attention. Irrespective of whether the initiative will be successful or not, the developments achieved by Dubai and the journey through the transition will help other countries and regions planning for similar projects to learn from them.
In order to ensure success, the government is relying heavily on public-private partnerships. According to reports, various government organizations will be working alongside private companies both big and small, entrepreneurs, startups and even the Global Blockchain Council. To attract the right talent, the region has also created Dubai Future Accelerators, encouraging entrepreneurs to create cryptocurrency based solutions to some of the leading global challenges.
There are already many pilot projects that are underway, including the recent “Cheque Chain” initiative launched by Emirates NBD. Other projects include blockchain based trading solutions for DMCC, developed by local and international companies. The key areas for blockchain implementation will include real estate, fintech, and banking, healthcare, tourism, urban development, smart energy, and transportation.
The region is so far making all the right noises to attract more talent, from within and beyond the country. The Department of Economic Development (DED) in association with Smart Dubai seems to be making it easier for companies with the relevant expertise to create/setup business in the region.
With these developments, the dream of becoming the first blockchain city could soon turn real for Dubai.