Dubai was one of the first to use new technologies. The experience of this city can already be used for inspiration. The first experiments with blockchain here began, when with the help of technology it was possible to build a concept of the future.
Today it is decided that blockchain in Dubai by 2020 will be almost everywhere. Tourism and the road transport service have already switched to it. At the same time, Dubai’s case is an example for other countries and cities in the Middle East.
Introducing blockchain to Dubai
In February 2016, the city hosted the Global Blockchain Council. Today it includes representatives of state structures, leading banks of the United Arab Emirates, Blockchain companies, and international companies, such as IBM.
Dubai has also created the Accelerator of the Future. The program "unites the best companies, entrepreneurs and government agencies that understand global issues and invest in breakthrough technologies."
Where the blockchain was first introduced in Dubai?
Blockchain is a new technology, and it is worth testing before introducing it into the company's processes or social projects. This decision was made in May 2016. Then at the conference in Dubai were presented plans to introduce blockchain into the economy and management.
We should note that the first thing that immediately got Blockchain’s attention was trading. Considering the religious environment in the country, trading is something that requires a careful approach. Right now it is a very popular activity among Arab citizens and a lot of them are also willing to start CFD trading Dubai offers. Blockchain has been actively introduced in this segment.
Apart from trading, it was also decided to use Blockchain in the next things:
- Digitize medical records and store them in the blockchain system to give patients and health care providers access to a person's medical data.
- Digitize certificates for safe diamond trading.
- Optimize and reduce business registration times.
- Use blockchain for wills and other contracts to facilitate the transfer of property rights.
- Introduce blockchain to the tourism industry.
This Dubai experience can already be used in other countries in the Middle East as well.
What the Dubai government thinks about Blockchain
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum believes in blockchain and invests his own funds in its development. He created the Dubai Future Foundation and the Smart Dubai Foundation. The first fund oversees the development strategy, the second is the implementation of plans. By 2020, it is planned to make the government more efficient, create a new type of industry, and become an international leader in the blockchain industry. By this time, blockchain in Dubai should become commonplace.
IBM Blockchain
In February 2017, Dubai began collaborating with IBM and eight other organizations from three countries to test blockchain. The experiment began with the import and export of goods. That is, Dubai began to introduce blockchain and the logistics system. All paper-trading contracts began to be transferred to the blockchain.
Blockchain for Dubai City Services
Blockchain is introduced into the work of city services to provide public services through a single system. It can reduce time, strength, and resources.
The Dubai 10x government and road transport project was created to create the most complete vehicle base. Each car will be entered into the database, which will store information about each owner and incidents with the car. The chairman of the Highway Traffic Administration is confident that they will make the world's first government platform that will store the history of each car. This will help to avoid fraud, find stolen cars, and react faster during accidents.
Why tourists will love Dubai even more
Now the city is creating a single base for travel companies. The service will help companies to sell their services more actively. The idea is that thanks to the blockchain tourists will see what the price for a hotel or a ticket is made up of. The service will make equal opportunities for large and small travel companies and hotels.
Conclusion
Such a development in Dubai regarding Blockchain will have a direct impact on other countries in the Middle East as well. It is no longer a wonder that Dubai is a driver and catalyzer for all the innovations that take place in this region and once Blockchain is fully adopted other states will also take advantage of this example.
