Dubai, The city of wealth, The city of structural wonders and perhaps the first city to ever impement the BlockChain Technology into thier infrastructure, is quickly achieving its goal of becoming the world’s first blockchain-powered government by using the technology for all transactions by 2020.
Image: https://www.kuoni.co.uk
At the CIOMajlis (Chief Information Officer’s) session about ‘Blockchain Technology,’ The chairman of CIOMajlis, Ahmad Al Mulla, said:
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Dubai is a frontrunner in adopting the latest technology and has set a goal to become the world’s first government to execute all implementable transactions on the blockchain by 2020. The government initiatives in this direction present tremendous business opportunities for the private sector in the UAE.
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He added:
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There is a current global shortage of object oriented programmers and developers. We need to ensure sufficient availability of trained manpower and as these opportunities are accruing across all sectors, we will see a lot of blockchain implementation in [the] near future across government as well as private sectors.
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Source CryptoCoinsNews
According to a report from Trade Arabia, HH Sheikh Hamdan bin Mohammad bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of the Dubai Executive Council, launched the Dubai Blockchain Strategy. This ”strategy” aims to research and innovate technology that potentially could improve the nation
Dan Frankel, Blockchain City Adviser to Dubai at ConsenSys, said that distributed ledger technology could cut bank transactions by $15 to $20 billion a year by 2022. By removing costs of manual processing, processing errors it could save up to 75% in costs.
Frankel added:
”Early adopters and first to market with this technology will have a strategic advantage.”
Dubai recently signed a research agreement with the UK Based ObejctTech to create digital passports for entering Dubai International Airport. This is aiming to end manual passport verification, the goal is to make the worlds first ”gate-less border.”
Not only that, but the UAE’s (United Arab Emirates) banking giant Emirates NBD is due to implement the distributed ledger in an attempt to prevent fraud and boost their authenticity with the best digital security systems available on the market.
This is the first city I have heard of that are starting to implement the Blockchain Technology into thier City. This is yet again a HUGE Step for the Blockchain Technology to go mainstream.
Please tell me what you are thinking about this in the comments below!!
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