It has been almost a year since the city of Dubai of the United Arab Emirates ruled in favor of being the first city in the world to operate through blockchain hand in hand with its program “The Dubai Blockchain Strategy” and “Smart Dubai” among Other things also include integrating facial recognition biometric technology, iris readers and fingerprints for blockchain integration.
As a result of this, a number of enterprises in the Middle East, both public and private sector have made substantial progress in understanding the opportunities, applications and preparations needed for adopting Blockchain technology
In statements by Aurobind Edrich, Partnership Director – Blockchain:
We are hosting regional and international fintech and blockchain experts from leading organizations like SMART DUBAI GOVERNMENT, DUBAI LAND DEPARTMENT, DUBAI ELECTRICITY & WATER AUTHORITY, DUBAI HEALTH AUTHORITY, DUBAI CHAMBER OF COMMERCE, DUBAI SILICON OASIS AUTHORITY, COMMERCIAL BANK OF DUBAI, DUBAI ECONOMY, DUBAI GOLD & COMMODITIES EXCHANGE, DUBAI ROADS & TRANSPORT AUTHORITY, MERAAS HOLDING, EMIRATES NBD representing key sectors to explore the potential of Blockchain technology and discuss the problems and challenges they face as they plan and implement their Blockchain strategies within their organisations. We will also bring the regional Investor Community as they are beginning to explore investment opportunities in ICOs and Token Sales.
The 2nd Edition of BLOCKCHAIN MIDDLE EAST FORUM will take place in Dubai from 5-6 February 2018 after the highly successful launch of the BLOCKCHAIN MIDDLE EAST FORUM which was held in Dubai from 25-26 September 2017.
With the initiative of this city that has constantly accustomed us to its eccentricities and which is one of the most exotic tourist destinations in the world, they also like to be in the forefront in the technological field, they already use cryptocurrencies as currency for purchase and sale of products and services. Now the government is doing its part and began with the adoption of blockchain to unify and virtualize all the documents and stationery that needed to be printed, expecting a saving of 114 million tons of CO2, thus also supporting the Paris agreement signed by the Arab Emirates in 2015 that establishes measures for the reduction of greenhouse gas (GHG) emissions through mitigation, adaptation and ecological resilience.
Dubai is one of the pioneers in adopting the latest technology and has proposed to become the first government in the world to execute all blockchain transactions by 2020. Government initiatives in this direction present enormous business opportunities for the private sector in the UAE
There is a current global shortage of object-oriented programmers and developers. We need to ensure sufficient availability of skilled labor and, as these opportunities accumulate in all sectors, we will see a lot of blockchain implementation in [the] near future in all governmental and private sectors. – Ahmad Al Mulla, president of CIOMajlis
In addition to the tons of CO2 and paper that will be saved, it is intended to redistribute 5.5 million Dirham which is the equivalent of approximately 585 million dollars, the initiative is built under 3 strategic pillars.
First Pillar, Government Efficiency
This pillar will allow the city government to carry out transactions without using the paper supporting the Smart Dubai initiative. Required documents, visas and licenses that represent 100 million documents per year will be processed and stored digitally through blockchain.
Second Pillar, Creation of the Industry
Allow citizens to create new companies using blockchain technology. Under the new strategy, it will enable thousands of business opportunities in the private sector. The industries that will benefit from Blockchain technology include: real estate, advanced technology and banking, medical care, transportation, urban planning, smart energy, digital commerce and tourism.
Third Pillar, International Leadership
The third pillar of the strategy aims to be recognized as leaders in terms of development and innovation with blockchain. An objective that will not require much more effort than fulfilling the first two pillars; and for which they are posed with great international openness as a destination for all the enthusiasts of the technological vanguard.
In addition, part of this third pillar is to open its Blockchain platform for its global counterparts – countries that also adopt this technology – so that joint development can improve the safety and quality of life of the inhabitants and travelers of Dubai.
Part of the objectives of Smart Dubai is this revolutionary blockchain total adoption, which little by little we are seeing the world adopting it, in fact there are already several countries that have joined the adoption of this technology and little by little we will see as it is gaining ground, for now in many countries there is already demand for blockchain programmers.