Dubai Government recently announced that it will shift all the transactions to Blockchain an online encrypted database for paperless document processing by 2020. According to the latest statement by Smart Dubai, ”Adopting Blockchain will unlock an annual savings of 5.5 billion dirham – equal to the value of one Burj Khalifa’s worth every year.”
While Blockchain was still a debatable topic, Dubai had already begun its journey of emerging as world’s first blockchain-powered city as another futuristic step towards making Dubai the smartest city in the world. The journey started up in February 2016 with the establishment of Global Blockchain Council, comprising 42 government bodies & private companies.
This was followed by the launch of a program, Dubai Future Accelerators attracting international entrepreneurs, technology companies and government entities to invest in modern technologies and overcome the global challenges.
What Is Dubai’s Strategy for Blockchain?
The Dubai Government’s Strategy for Blockchain development has three base pillars: the government efficiency, industry formation, and international leadership. The first strategic pillar, government efficiency aims to incorporate all the government transactions into the blockchain network. The strategy is to stimulate seamless working of the government and enable a practice of paperless digital transaction across both the public & private sector.
The next strategic pillar is industry creation, which will allow citizens and partners to leverage the ledger technology for developing new businesses. This strategy will also open up a plethora of opportunities for private enterprises. It will help industries gain a competitive edge in sectors like real estate, finance & banking, healthcare, urban planning, digital commerce, smart energy, transportation and tourism.
The third and final pillar, International Leadership will span across the globe stretching the Emirate’s Blockchain platform to international counterparts to improve security, safety and accessibility for international travelers to Dubai. The travelers will have the benefits of pre-approved passport, driver’s licenses, security clearance and visas, guaranteed wireless connectivity and pre-authorized temporary digital wallets & payments to ease their mobility within the city.
What It Will Bring To The World!
The Blockchain Strategy implemented by Dubai will serve as the roadmap for application of the technology in other parts of the world. Dubai is developing an open platform for sharing the technology with smart cities across the globe.
The Blockchain Technology
Blockchain allows individuals or businesses to make and record a transaction like a money transfer for the sale of a property as a permanent entry within the system. The linked activities will convert into a block to form a chain with just one successor block permitted to link to the predecessor block.
These transactions become part of an ever-growing, changeless and encrypted ledger with a visibility to anyone with a proper access. The ‘ledger’ uses cloud computing technology to be stored across a network of computers.