Blockchain is a distributed, irreversible, and authentic database that records all the information related to financial transactions, tangible assets, agreements, and supply chain information. It creates a secure network with well-known identities. Blockchain technology delivers an atmosphere of transparency, enabling people to view the details in each block.
The Dubai Blockchain Strategy aims to make Dubai the first metropolis powered by blockchain. Dubai’s image as a worldwide technological leader will be solidified, which will bring economic opportunities to all sectors of the city. Additionally, the approach is aligned with the goal of representing Dubai as a smart city. It will foster an entrepreneurship system in order to achieve global leadership in the smart economy. Read further to uncover the hidden plans and benefits of implementing this strategy.
Dubai Blockchain Strategy: Three Main Pillars
The strategy lays out a roadmap for introducing blockchain technology to Dubai and creating an open platform to share the technology. By implementing the Dubai Blockchain Strategy, cities around the world can access and use blockchain technology. The three pillars of the blockchain strategy are government efficiency, industry creation, and worldwide leadership.
1. Government Efficiency as The First Pillar
All municipal transactions will become paperless and digital, increasing government efficiency by implementing this procedure. Under the strategy, paperwork like license renewals, visa applications, and bill payments, which presently account for over 100 million papers each year, would be transacted online.
2. Industry Creation as The Second Pillar
The strategy will provide a framework for facilitating the development of various firms and industries utilizing blockchain technology. The Dubai government predicted that the blockchain industry would grow to $300 million in the next five years when it announced the strategy. Real estate, urban planning, fintech and finance, smart energy, health and medical, transportation, digital commerce, and tourism are all expected to profit from blockchain technology.
3. International Leadership as The Third Pillar
Dubai will make its blockchain platform available to worldwide partners to ensure the safety, privacy, accessibility, and convenience of overseas visitors to the city. A wide range of benefits will be provided to international travelers as part of this strategy like quick entry with already approved passports, pre-verified temporary digital wallets, assured wireless connectivity, and improved recreational activities. Moreover, the strategy will boost transportation within Dubai as a result of authorized driver’s licenses.
Opportunity & Innovation in The Digital Age
Dubai’s blockchain strategy was designed by His Highness Sheikh Hamdan in collaboration with the Dubai Future Foundation and the Digital Dubai Office. The strategy emphasizes exploring opportunities and bringing innovations to achieve streamlined, secure, and productive city experiences. Dubai holds a remarkable history of being at the forefront of regional digital innovation.
Dubai will be the first blockchain-enabled government, leading the future economy, and will share its findings of implementing cutting-edge technologies with its cities if the project is successful. In just document processing alone, Dubai could save 5.5 billion dirhams yearly by adopting blockchain technology, which is comparable to the value of one Burj Khalifa every year.