Gulf Countries adopts blockchain

Key oil-rich countries discussing the use of blockchain technology. As cointelegraph reports, world’s biggest oil producing countries have discussed the technology on the Gulf Cooperation Council (GCC). The race to adopt the technology is being led by the United Arab Emirates. Dubai, is now implementing “Dubai Blockchain Strategy’’ to make Dubai a smart city and aims to use the blockchain technology in all government-based institutions by 2020. Also the technology is planning to be used in oil supply to make the process more transparent and together smart contracts and dlt’s will ensure less requirement of paperwork.

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