Five Key Industries Utilizing Blockchain in Dubai :
Several places worldwide are waking up to the different ways blockchain can be used in various industries, and Dubai is undoubtedly one of those places. Initiatives such as healthcare, finance, and government services have recorded ample utilization of blockchain technology, and expectedly so, as the immutable technology is foolproof and is perfect for tightening loopholes in the activities performed in these various industries. We have curated a list of the critical blockchain industries in Dubai known for utilizing blockchain technology.
What are Five Key Industries Utilizing Blockchain in Dubai
The financial industry is probably the first to come to mind at the thought of blockchain technology. Rightly so, as blockchain has been utilized more often in the industry. For one, blockchain technology has created decentralized financial platforms such as Bitcoin and Ethereum. Interestingly, Dubai also has its blockchain-generated coin called DubaiCoin, recognized as a legal tender for transactions within the city. Unsurprisingly, the government of Dubai has also incorporated blockchain technology in the prevention of fraud, supply chain management, real estate payment development, and smart contracts or Memorandum of Understanding (MoU)
From Digital Certificates to Data Management of students and employees, the education industry has undergone an overhaul recently, leading to the use of blockchain technology in Dubai. The country now offers courses and career development opportunities, particularly with the launching of learning platforms like One Million Arab Coders and Dubai Pulse. Moreover, blockchain technology has also been utilized for the industry’s payments, funding, and donations.
Blockchain use in Dubai’s healthcare industry is to transform it into a secure, transparent, and effective one in ensuring critical life services. One such way is in data management for patients. Due to the sensitive nature of the healthcare industry and the number of persons that often use their services, it is essential to ensure that patients’ records are kept from prying eyes. With blockchain technology’s immutability and tight security, a security system to manage such data by patients and medical personnel can be created. Dubai began such plans in 2017 with the inception of Dubai Pulse. Other likely areas include research and development, telemedicine, and supply chain management.
While government services may not be considered a traditional industry, it will be an injustice to curate industries for blockchain and skim over them. The Dubai government has been quite proactive in using blockchain technology. It has developed platforms like DubaiNow and DubaiPay to ensure seamless transactions between residents and businesses. The government has also integrated the technology to ensure seamless trade between itself and other territories.
Interestingly, blockchain use in Dubai’s real estate industry has moved from physical acquisition to virtual trade in land using metaverse platforms. In the traditional world, the city has fully incorporated Smart Contracts in property transactions and agreements to reduce fraudulent and ineffective real estate trading. Utilizing blockchain technology in Dubai has also translated into employing the technology for transparent title transfer and payments, adequate rental arrangements, and the development of fractional land ownership.
The industries above are certainly critical blockchain industries in Dubai. The city has always been the pacesetter for modern technology, evident in its rapid incorporation of blockchain into several sectors. It would seem as though Dubai is only beginning, and we are here for it.