Dubai’s Blockchain Strategy and Why it Matters
Dubai’s Quest To Become The World’s First Blockchain-Powered City
ConsenSys MENA Inauguration
Last January, ConsenSys celebrated the opening of their Dubai office in the Dubai Design District (d3), bringing together about 180 entrepreneurs, investors, enthusiasts and experts in the blockchain ecosystem from all over the world.
This inauguration is a big step towards the execution of the Dubai Blockchain Strategy, which is a result of the collaboration between the Smart Dubai Office and the Dubai Future Foundation to explore the latest innovations that will establish Dubai’s reputation as a global technology leader and a pioneer in the implementation of the technology on an institutional level.
As Dubai’s Blockchain Advisor, ConsenSys is helping the city to become the first blockchain-powered government. The emirate wants all of its transactions to be processed digitally through the blockchain network by 2020.
“Using blockchain technologies to build next-generation nations has always been high on our agenda, and there is no better place to witness this strategic transformation than Dubai, which is forging ahead with its aim to be the world’s first blockchain-powered city. As Dubai’s Blockchain Advisor, we are excited about the future and proud to be an integral part of the city’s vision” said Joseph Lubin, founder of ConsenSys and co-Founder of Ethereum.
Lubin believes that Dubai’s initiative will attract talent from around the world. “By embracing this revolutionary technology, Dubai has taken the lead and will quickly reap the benefits of this ecosystem by attracting startups, developers, and entrepreneurs into its fold, no more evident than at our vibrant new home in the Dubai Design District.”
Dubai Blockchain Strategy
Adopting blockchain technology will improve government efficiency by enabling a paperless digital layer for all city transactions — visa applications, bills payments and license renewals, which account for over 100 million documents, will be transacted digitally under the new strategy. This implementation estimates 5.5 billion dirhams (~$1.5 billion) in annual savings from document processing alone.
Additionally, international travelers will also benefit from faster entry with pre-approved passport and security clearance and visas; easier mobility within the city; guaranteed wireless connectivity; enhanced tourism and pre-authenticated temporary digital wallets & payments.
Undeniably, blockchain-based systems will disrupt many industries, and on a government level, significantly reduce bureaucracy and increase security, efficiency, and transparency of government operations.
Through the implementation of the Dubai Blockchain Strategy, the emirate is recognizing blockchain as the next step in digital transformation of the public and private sector and positions Dubai as a leading center for blockchain development and innovation. While others are still debating the prospects of the technology, Dubai is advancing in its goals of becoming the blockchain capital of the world.
