How Blockchain is Duabai's Next Big Thing

Blockchain technology has taken the world by storm, and is seen by many analysts as the future of data structure for transferring value. A blockchain is a decentralised distributed ledger whereby all the transactions are recorded on the network of computers. The first blockchain is the most famous one; Bitcoin.

Bitcoin is something of an enigma and has skyrocketed in the past 10 years to be the 14th largest currency in the world according to fiatmarketcap.com. Bitcoin, blockchain as well as a plethora of other cryptocurrencies solve many issues in a wide range of industries and Dubai is positioning itself at the forefront of this cutting edge technology.

The Dubai Blockchain Strategy aims to transform 50% of Government transactions onto the Blockchain by the end of 2021. Moreover,  a council has been appointed: The Global Blockchain Council, setup  to ensure adoption and to discuss strategy. The council consists of Government entities, Transnational companies, UAE banks and international blockchain companies. Dubai (and the UAE) have seen the potential blockchain brings and how it can help create more efficient systems in regards to administration.

Dubai has become a global hub for blockchain related conferences, it hosts hundreds of conferences a year which are blockchain or cryptocurrency related such as the AIBC Summit and the Crypto Expo Dubai. Positioning itself as a hub and an all in one solution is universally popular as it is very convenient for people. Websites such as comparethemarket.com or asiabet.org have understood this model, with the former being a thriving hub for saving on bills and the latter being a place where customers can compare deals,  get all the best bonuses and have varied payment methods.

With its ideal location, tech savvy people and money for investment, Dubai is the perfect place to become a blockchain hub. The blockchain vision is led by His Highness Sheikh Hamdan. The Dubai Blockchain Strategy will produce a new wave of digital enterprise and will attract crypto entrepreneurs to set up enterprises. Moreover, Dubai offers a fantastic climate, luxury living and low taxes, so within the next decade, economic activity is destined to go only up. To learn more about blockchain in Dubai check out godubai.com's guide

Blockchain aims to fix a lot of issues within Government administration. Firstly it will eliminate paper records and replace them with digital ones thus saving money and it will be a more greener approach to Government practice. Blockchain is all about efficiency, giving people control of their data and cutting out old cumbersome processes.

Smart Dubai ties in very neatly with the Dubai Blockchain Strategy. Smart Dubai is an initiative led by His Highness Sheikh Mohammad bin Rashid Al Maktoum and aims to make Dubai the happiest city in the world. Blockchain, as well as artificial intelligence and internet of things (IoT) are technologies to be used to achieve this vision.

Smart Dubai has appointed global leaders in blockchain technology IBM to be lead strategic partner. They will advise accordingly where blockchain technology could be used to enhance the lives of the citizens and achieve their vision: the happiest city on earth.

The future looks very rosy for blockchain and for Dubai. Dubai is an international city and adding blockchain will increase Dubai's status even higher. Blockchain, as well as other emerging technologies like; internet of things, artificial intelligence and robotics are the future and Dubai has positioned itself very early to be a global hub.

Bitcoin, as well as the other cryptocurrencies are going from strength to strength, with scaling issues being resolved, it will be a very interesting decade ahead to see what real life problems blockchain can solve.

In conclusion, Dubai has made itself a de facto global leader in blockchain technology. Aiming to use the technology for its Government administration might be an example for others to follow. There are always concerns of security and scalability, but it will be interesting to see going forward, if Dubai can solve many bureaucratic issues by utilising blockchain technology.