Blockchain is demonstrating its transformative power. Blockchain allows users to regain control. Governments, businesses, and other entities have been exploring blockchain technology for the last several years and are currently leveraging it. Similarly, UAE is exploring blockchain potential, which can completely transform its government and the services provided to its citizens. Blockchain foreshadows a significant impact on society shifts and offers the possibility of immense opportunities across all industries.
Blockchain is a decentralized, and irreversible ledger that offers a network with permissions and verified identities. The entire network is not controlled by a single entity or party. The tremendous impact of blockchain on the banking industry has already been established. Perhaps it will not take much time for its effects to be recognized worldwide. Experts speculate that blockchain may include in the future iteration of the internet. There are countless possibilities for this technology. Find out how blockchain is empowering UAE citizens and changing everybody’s life.
An Overview Of Dubai’s Blockchain Journey
As of February 2016, when the Global Blockchain Council was officially launched, Dubai has been experimenting with blockchain technology. State agencies, banking firms, and top companies are just a few groups that make up the council. Dubai has developed a Blockchain Strategy to become the healthiest and safest city in the world. The strategy has enabled Dubai to become an entirely blockchain-powered city. Additionally, the approach has been built around three strategic cornerstones: international leadership, industry creation, and government transparency.
A Big Part In Regulating Urban Development Effectively
Smart and digital cities are becoming more popular. COVID-19-related economic slowdown makes efficient urban administration even more critical now. The market for smart cities is projected to reach $2.1 trillion by 2024, growing at an annualized pace of 23%. Smart Dubai is continuing to develop blockchain applications across a variety of industries, including banking, education, and transportation.
The End Of Opaque Supply Chains
Applications built on blockchains can help supply chains to become more efficient by ensuring a low-cost good is tracked, certified, and registered between far-flung parties. All commodities have “tokens” that uniquely identify them and can be exchanged over the blockchain once each transaction has been authenticated. The blockchain system removes the opacity of the supply chain, allowing all key stakeholders, such as suppliers, vendors, distributors, and purchasers, to access transactions and operations.
Government Services Reimagined With Blockchain
The data that governmental entities employ is frequently fragmented internally and unclear to citizens. With the use of distributed ledger technology, records might be generated and validated more quickly, securely, and transparently. The public sector’s records management process is a case where blockchain technology is currently being used most effectively. A digital government built on blockchain technology builds confidence among residents and boosts transparency while securing data, streamlining procedures, and reducing deception, exploitation, and document waste.
