Business industries have been going through a severe transformation after the involvement of the internet in all possible domains. Today, the small, medium or large industries are data-driven and focuses more on fetching out more data points to understand more about the target market and customers. The concept of blockchain has been a new revolution after ‘Internet’, that aims in growing the list of data-set or records, known as blocks. This technology turns out to be resident with the change of information at any point and has been gradually accepted by multiple organizations. Today, the blockchain market is expected to hold a value of $290 Billion, with more than 600 companies being active on the platform.
The growth of blockchain technology will end up revolutionizing the business industries to a great extent. Dubai, one of the fastest-growing cities of the world, has understood the impact that it holds, and has taken the initiative to implement the blockchain technology by 2020, focusing on the strategies mentioned below:
- Government Efficiency
- Industry Creation
- International Leadership
The Blockchain Strategy
Launched by His Highness Sheikh Hamdan, the blockchain strategy stands as a collaboration between the Smart Dubai Office and Dubai Future Foundation. The implementation of the technology would be a game-changer in the field of data management. According to the projection, fifty per cent of the government transactions will be conducted using Blockchain by 2021. To be paperless, the implementation strategy will end up saving on multiple grounds. Some of the grounds are stated below:
- Annual spent on documents will be saved by AED 11 billion
- Total working hours that will be saved stands at 77 million hours of work
- Government documents will be reduced by 389 million
- When it comes to driving, 1.6 billion kilometers will be saved
The complete adoption of this technology will not only leave an impact on the business grounds but will also have a severe impact on the individual lifestyle, by focusing on four aspects namely,
- Citizen and resident happiness
- Government efficiency
- Advanced legislation
- Global entrepreneurship
Let’s take a step forward and understand the framework of blockchain technology.
How does Blockchain Technology Work?
The blockchain technologies prime focus is to manage the data effectively and efficiently by using encryptions and using bitcoin. You can understand the work process by having a look at the below image.
Targeted Blockchain Sectors
Now, let’s take a step forward and glance through the different domains that will be impacted by the utilization of blockchain technology.
- Transport and Logistics
- Education and Employment
- Economic Development
- Safety and Justice
- Social Services
- Municipal and Land Works
- Smart Districts
Government to Play a Role
The implementation of the blockchain technology in Dubai will have a drastic effect on the government bodies available in the region. The following authorities will have a significant role to play:
- Dubai Electricity and Water Authority
- Road and Transport Authority
- Dubai Tourism and Commerce Marketing Department
- Department of Economic Development
- Dubai Police
- Dubai Healthcare Authority
The blend of government and private grounds will bring a massive change in the business industries. Being a smart city, the region of Dubai is on the way to attract a high count of international investors at a global level. The upcoming World Expo 2020 is another opportunity that the corporate world is looking for. The event is standing at the edge of grabbing an excellent chance of business collaborations for a period of six months and is targeted to attract a count of 25 million visitors. Incorporating a business in Dubai turns out to be an excellent opportunity at this moment, and the global entrepreneurs and investors who hold a dream to start their own company.
Benefits of Incorporating a Business in UAE
By setting up a business in the UAE, you will be able to avail the following benefits:
- Complete exemption on the income tax
- Easy availability of the business licenses and permits
- Access to hire the best talents at a global front
- Availability of multiple locations like Mainland, Free Zone and Offshore
- A podium to enhance your business brand and enhance goodwill
- Implementation of the latest technologies
- In the case of company liquidation, full repatriation of the capital invested and profits earned
These benefits are the key drivers that provoke international investors to come ahead and set up a business in Dubai. Now, it is to be understood that the company incorporation process turns out to be a complicated task as it involves legal documentation processes. Business owners prefer to go ahead and join hands with experts to get clarity and a hassle-free process.
Commitbiz Consultants stands as one of the top ten business consultants in Dubai who has been providing incorporation services from the initial stage of inception. Over the period, we have helped multiple business owners, investors and entrepreneurs to come ahead and initiate their business process. The team consist of experts who hold industry experience and are well-equipped with the legal proceedings and are in a position to provide tailored solutions according to your business needs. Get started with your dream company today by contacting us-we’d be glad to assist.