Dubai to become the world’s first Blockchain-powered government. After the entire messed up situation either Blockchain are legal or not, finally someone has taken an initiative to adopt digital currency legally. Yes! given the name as the “city of the future”, Dubai, which plans to have robot cops, flying taxis and self-directed vehicles on its roads in coming years and selected a minister in-charge of Artificial Intelligence in recent times, is planning yet an additional transformation: to turn into the world’s first Blockchain-powered government.
By the year 2020, the emirate wants all management and transaction process of visa applications, bill payments and license renewals, which account for over 100 million documents each year, digitally using Blockchain.
Smart Dubai (which is conducting government and private organization workshops to categorize services that can be best enhanced by Blockchain adoption) reveals that the plan could save 25.1 million man hours, or $1.5 billion in savings per year for the emirate state. Much of this improved output will stop from moving to paperless government.
Given the solid data record offered by the technology, real estate hasn’t escaped Blockchain commotion either.
Dubai Land Department (DLD), the government agency tasked with overseeing land purchases and is supporting real estate trades. The purpose of this step is to improve and transform how people buy, sell and lease real estate.
It also launched a Blockchain-powered system in October, to assist secure financial transactions, automatically record all real estate contracts, and connects homeowners and tenants to property-related billers, such as electrical, water and telecommunications utilities.
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Sultan Butti bin Mejren, director general of DLD said, in a press statement “Our aim is to unite all real estate and department services on a single platform. “
“This initiative is still in a stage of infancy. In the near future, we will see many partners joining Blockchain to improve their client services, including banking, mortgages, and utilities and maintenance operations.” He added.
However, the implementation process of Blockchain in real estate is just a first step. In October, the emirate also launched its own Blockchain-based Cryptocurrency called, emCash. People can use it to pay for government and non-government services.
“A digital currency has varied advantages – faster processing, improved delivery time, less complexity and cost,” said Ali Ibrahim, Dubai Economy deputy director general, in a press statement.
“It will improve ease of business and quality of life in Dubai.” he added.
Role of startups and tech giants
The blockchain strategy of Dubai also presents challenges due to shortage of technical skills and infrastructure to hold up all the technology’s functions.
To tackle and overcome these challenges, the city will have a shared platform named as “Blockchain as a Service” to facilitate Dubai government agencies utilize blockchain in different projects.
Tech giants like Microsoft, SAP and Cisco who are part of the Global Blockchain Council (a body of 32 government bodied and private global companies launched in 2016) are also working on Blockchain applications in Dubai.
“The Global Blockchain Council’s role is to ensure that Dubai remains ahead of the curve and to provide ideas and guidance on how blockchain can benefit market participants, and ultimately contribute to Dubai’s economy”
Ahmed Bin Sulayem, executive chairman of Dubai Multi Commodities Centre (DMCC) Authority Said.
Earlier this month, the announcement came from the UAE’s central bank that it was undertaking a combined venture with the Saudi Arabian Monetary Authority to use blockchain technology to subject a digital currency accepted in cross-border transactions between the two countries.
Although the plans of Dubai’s Blockchain adoption are still in its early stages but government, startups and global tech giants excitedly working on it and it may well come to final result rather earlier than anticipated.
Do you think after the adoption of Blockchain by Dubai, other countries will also follow this strategy? Tell us about your opinion in comment section.
