Dubai is making considerable efforts towards achieving its ultimate dream of turning the city into a ‘Smart City’. One of the major aspects of turning into a Smart City is that Dubai’s infrastructure should also be smart and efficient. Dubai has taken a huge step closer to achieving this aspect. Estimations are being made that the capital of the gulf-bound United Arab Emirates’ 50% of all banking transactions will be initiated, powered, managed, executed, and logged using the blockchain technology by the year 2021.
The statement came directly from the ruler of the UAE, Sheikh Mohammed bin Rashid Al Maktoum. Sheikh Mohammed bin Rashid’s main focus has been towards modernizing the whole of UAE and turning the Emirates into some of the most technologically flourishing states in the world. The deployment of blockchain for half of all transactions in Dubai is also a part of Sheikh Mohammed bin Rashid’s drastic policy of modernizing the states of the UAE. The policy is called ‘Smart Dubai’.
Since Dubai has decided to hand over a major aspect of its economic dependency to crypto technologies, Dubai has become more active towards crypto technologies and their implementations. Recently, a successful cryptocurrency forum was held in Dubai which was attended by some of the major players of the technology sector in the world. The forum primarily focused on exploring the crypto technologies and future implementations of crypto technologies like blockchain and cryptocurrencies for the smart world.
The industries in Dubai also had a quite supportive response to the initiative. Instead of opposing such a major paradigm shift from current methods that industries are comfortable with to a blockchain system – that can’t be tempered and can join every single of the stakeholders together while itself being a distributed system – major banking firms are moving forward to embrace the new technology. While not every single banking company in Dubai would openly invite this change, the majority of banking firms will. This is why the beckoning of the new dawn of banking transactions in Dubai is inevitable.
An honourable presence at the Futurama Blockchain Innovators Summit said in an interview during the event that no company should ignore this technology. He said that blockchain technology is a great way to link together the shareholders, the suppliers, and the customers on a common platform and such a technology can prove to be very helpful for organizations.
Dubai’s ‘Smart City’ upgrade strives to deploy the blockchain technology in every layer of the city. Banking transactions are just a start, Sheikh Mohammed bin Rashid plans to incorporate blockchain technology into all the major government sectors as well as public services that could help improve the efficiency and overall throughput of the city’s infrastructure. An evidence of this is provided in an interesting news in the April issue of the Gulf Business. The publishing says that more than half of Dubai’s government sector’s transactions will also be made using blockchain by the year 2021 as well.