Dubai Could As Well Receive the ‘Blockchain City’ Title

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.

Article Source:
www.newsbtc.com/2017/06/24/dubai-well-receive-blockchain-city-title/

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