dubai blockchain

Dubai Blockchain Initiatives

by Zaara 11, May 2020

Dubai, as a city, has changed dramatically over the last few years. It has become a significant business centre with a more dynamic and diversified economy. At the same time, when it comes to adopting technologies and making new inventions, Dubai has always been a frontrunner. 

At present. many great economists and finance enthusiasts think that blockchain technology will be a revolution in the economy. The UAE has been quick in adopting this technology one among which is the Dubai blockchain initiatives. 

All About Dubai Blockchain

Business industries have been going through a severe transformation after the involvement of the internet in all possible domains. The growth of blockchain technology will end up revolutionizing the business industries to a great extent.

Dubai, one of the fastest-growing cities in the world, has understood the impact that it holds and has taken the initiative by participating in Blockchain panels, events and many more to implement the technology widely.

Blockchain Week – Dubai: It is a Blockchain and crypto event held every year that touches upon all the aspects of Blockchain. 

World Blockchain Summit – Dubai: It is an event series that brings stakeholders of blockchain and cryptocurrency with the aim to create a fruitful discussion regarding the future and potential of the industry.

Future Blockchain Summit - Dubai: The Future Blockchain Summit, is another blockchain initiative organised by Smart Dubai, is the world's first city-hosted blockchain event that happens every year and began in 2018.

Why UAE wants to adopt the technology?

As blockchain records all the data of transactions of anything having value, it is most likely to have various applications in many fields. Let’s have a look at some of the applications blockchain technology can be used for:

  • Easing the sale and registration of land
  • Solidifying and securely moving and accumulating money, titles, deeds, IPRs, and even votes, as per a 2-year research project by Don Tapscott
  • Securing B2B and P2P transactions over plastic money
  • Sharing over wireless networks
  • Facilitating service in the fields of healthcare, hospitality, and decentralized libraries
  • Screening new recruits for employment
  • Maintaining records of credit facilities for banks and financial institutes

Dubai Blockchain Framework

In Dubai, New council to discuss proposed legislation to grow the implementation of Blockchain Technology in different sectors. The DFF (Dubai Future Foundation) has formed the Dubai future Council for Blockchain.

The Dubai Future Council for the Blockchain offers a distinctive platform to explore challenges and to find creative and proactive solutions to make sure Dubai is prepared for the Blockchain era, for the opportunities that this technology provides hoping to harness it in the future and make the nation more prosperous and the smartest city in the world. Also, a regional and global Blockchain hub.

The council will be working on stretching Dubai's digital transition through a series of solutions and tools, most notable of what Block technology.

Targeted Sectors for Blockchain in Dubai

Now, let’s take a step forward and glance through the different domains that will be impacted by the utilization of blockchain technology.

  • Energy
  • Transport and Logistics
  • Tourism
  • Health
  • Education and Employment
  • Economic Development
  • Safety and Justice
  • Social Services
  • Municipal and Land Works
  • Smart Districts

In conclusion, blockchain is a technology that is here to stay and conquer. Hence, leveraging on the technology would be a wise decision for any eligible entrepreneur. So, to start a blockchain business, contact Commitbiz for top class guidance and make your journey hassle-free and profitable.

FAQs

Does Dubai use Blockchain?

Yes, Dubai is consciously investing and dedicating itself to capitalizing on the technology.

Does Dubai allow cryptocurrency?

Yes, the Emirate of Dubai passed Law No. 4 of 2022 on Virtual Assets Regulation ("VAL") and formed the Dubai Virtual Assets Regulatory Authority ("VARA")

Are cryptocurrencies taxable in Dubai?

No, they are not

When is the next Dubai Blockchain submit 2023?

World Blockchain Summit in Dubai is to be held from 10 to 12 May.

What are the blockchain-based projects in UAE?

The Roads and Transport Authority (RTA) is working on a project to develop a blockchain-based vehicle lifecycle management system.

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