Dubai is one of the cities in the world that has been embracing blockchain technology the most. There are different projects that are based on Blockchain technology and there is an intention to keep expanding the influence of this technology. For 2021, 50% of the transactions will take place on a distributed ledger.
Dubai Embraces Blockchain Technology
According to the UAE’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, by 2021, 50% of the banking transactions will be made using blockchain technology. These are very important news for the cryptocurrency community and the technological world. More governments are starting to implement the technology and enterprises are also following these steps.
The main intention behind this project is to modernize the city under a project known as ‘Smart Dubai.’
Important names in the banking sector have shown its support for the innovation plan that is being taken by the government. In a Cryptocurrency forum in Dubai, several enterprises were present and showed their interest in the technology.
“No one has a choice. No one should ignore this industry. Customers, suppliers and shareholders will be linked through a common system. This business and this technology are going to do away with banking. That’s why a lot of companies are interested in this. This is really the essence of civilization; we all get the same chance.”
Dubai Blockchain City
At the beginning of May, the Department of Economic Development (DED) unveiled a project that is known as ‘Dubai Blockchain Business Registry.’ The main purpose of it is to help enterprises to settle in the country if they want to make business. The interesting fact is that the registration process will be powered by blockchain technology.
A statement released by the Government of Dubai reads as follows:
“The initiative seeks to empower the Unified Commercial Registry (UCR) project, the first blockchain-enabled trade license repository launched by DED, to store and update company registration information issued by DEED as well as the free zone authorities in Dubai.”
In the past, Dubai has announced several blockchain-related projects. For example, the city has created a virtual Business-to-Business (B2B) marketplace for travellers. In this way, travellers will be able to chose between the different local tourism options. It is important to mention that the plan is part of the Dubai 10X initiative that has been promoted by the government.
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