Dubai Is Planning To Become World’s First Blockchain Nation
The global trade hub, Dubai, is not ready to give up its title of the most advanced trade hub of the world. Its journey from a humble fishing village to the world’s trading hub has not been an easy one and Dubai now wants to stay at the top, and rightfully so. With this goal in mind, it now aims at becoming the world’s first blockchain nation with the target of using technology for all its transactions by the year 2020.
Blockchain as the name suggests is a chain of blocks in which data is stored and because of its high level of security and transparency among the participating members in a particular blockchain, it is nearly impossible for any one person to tamper with the digital data and walk away unnoticed. As such, blockchain technology makes it very difficult to commit frauds such as money laundering, back dating and the like.
The main blockchain impacted industries in Dubai would be transportation and infrastructure. The main aim is to make all Emirates transactions use Blockchain which is likely to increase efficiency of government services and enable conducting businesses easier, thereby promoting enterprises. Aisha Bin Bishr, Director General of Smart Dubai- a government office, the main task of which is to facilitate innovation in the emirate, says “We want to make Dubai the first blockchain-powered government in the world by 2020,” “It is disruptive for existing systems, but will help us prepare for the future.”
Several business departments in Dubai are starting to include blockchain technology into their systems. The Department of Economic Development for example has started by shifting its registration and licensing systems to blockchain services (registration in this department is the first step in being able to conduct business in Dubai). The aim of this department is to transfer all past data and create all new data on blockchain services and make it available to all Dubai entities, thereby easing out the process of business set up in Dubai and accelerating the same and preventing chances of events like duplication of data.
Another major Dubai entity to start incorporating blockchain technology into its functions is the Emirates National Bank Dubai, which is Dubai’s largest bank. Emirates NBD started working with IBM to understand the applications of the blockchain technology in finance and trading and understand how best they can incorporate it in their own functions. According to Ali Sajwani, the Chief Information Officer at Emirates NBD “The aim is to replace paper-based contracts with smart contracts that will help reduce complex documentation for the tracking, shipping and movement of goods,”
Dubai is the trade hub or trade centre of the world for a reason. Trade has been the major activity in Dubai and with it’s almost zero taxes on trade services; it has attracted the attention of all major trade associations throughout the world. As such, it is important for Dubai to stay at the top of technology and everything that affects its trade practices and makes it more advanced so as to attract even more business tycoons. For this very reason, Dubai aims at gaining 100% blockchain services to take over government processes.