Dubai has been known as a “city of the future” due to a number of innovative programs and regulations. A positive development is the use of blockchain technology, which will benefit not only the residents to live easy lives but also the government to work efficiently. Nearly every industry, from power to communications or the media sector, embraces blockchain technology. The Dubai government has actively worked to advance technology throughout the state by establishing new sectors and promoting increased technology implementation at the government level.
Dubai’s reputation as a city focused on the future is well-deserved; it has taken several steps to position itself among the world’s happiest and most progressive metropolises. Due to the many government-led plans and efforts to benefit from the ultramodern, highly integrated infrastructure and services of this city, multinational corporations have established headquarters here. Whether AI, robots, or financial technology, Dubai is now widely recognized as a world leader in all of these areas. Another gem in its glorious crown is the Dubai Blockchain Strategy.
The Role Of Blockchain Technology In Global Supply Chain Solutions
Using blockchain technology, businesses may conduct transactions directly, eliminating the need for intermediaries and improving the efficiency of global supply chains. It also makes it easier for different parties to share and use information by allowing for tighter coordination between the finance and logistical sectors. DP World is an international logistics and supply chain management company that serves as a frontrunner in 46 different markets worldwide. The company has implemented blockchain technology into its operations, resulting in numerous advantages, such as eliminating repetitive procedures and creating a centralized platform for all operations.
Employing Blockchain To Migrate 50% Of Government Transactions
The government of the United Arab Emirates has used blockchain technology to streamline its operations to turn Dubai into the most comfortable and safest city. The Emirates Blockchain Strategy 2021 will help the Dubai government to transfer 50% of its transactions or operations on the blockchain. Another Dubai Blockchain Strategy has been geared toward making Dubai the world’s first city to run entirely on blockchain. As a result of Digital Dubai’s initiatives, active blockchain infrastructure is now in place. Thus, making the city a center for blockchain innovation on a worldwide scale.
Dubai’s Adoption Of Blockchain Technology
Over one hundred blockchain companies already operate their offices in Dubai, and the city’s adoption rate of blockchain technology is 24%, compared to 19% worldwide. Digital Dubai has implemented twenty-four blockchain use cases across eight key industries: commerce, property, transport, security, healthcare, banking, education, and hospitality. In addition, using blockchain technology may save roughly 5.5 billion dirhams every year when it comes to processing documents alone. Access to such a thriving environment would encourage additional investment and collaboration among local enterprises.
