Dubai Blockchain Strategy – Article Review
The Dubai Blockchain Strategy was built on three pillars which are government efficiency, industry creation and international leadership. The plan has the potential to unlock economic opportunity for all sectors in the city, and place Dubai as a global technology center. It is a groundbreaking initiative. Just imagine: Dubai will be pioneering the application of new technology for cities and sharing it with the world.
The Strategy includes cooperation with IBM and Consensys. Companies assist in conducting workshops to identify and prioritize the services that can be most enhanced by the application of blockchain technology. In addition, it was announced the launch of the Dubai Blockchain Platform, the first government-endorsed blockchain platform as-a-service in the UAE. The platform will transfer and digitize applicable government processes and citizen services. According to the UAE Prime Minister, Sheikh Mohammed Bin Rashid Al Maktoum, "adopting blockchain technology Dubai stands to unlock 5.5 billion dirhams in savings annually in document processing alone — equal to the one Burj Khalifa’s worth of value every year."
Other governments are also beginning to see the advantages of blockchain technology and of further digitizing their processes and procedures. Benefits are countless – the technology may assist protect data, enhance operations, stop fraud, waste, and abuse in government services while also boosting accountability and building confidence. In addition, the widespread deployment of blockchain technology is projected to boost trust in governmental and online civil services due to the transparency it brings. In order to make the innovation, governments should also provide appropriate regulations to assure trust in the industry. These rules cannot alter the crucial aspects of De-Fi but be of moderate and smart character. This is the way forward and governments are starting to realize that.