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Dubai: The Future-Forward City

Article by

Hiren Patel

April 15, 2022

With a number of ground-breaking projects and regulations establishing Dubai as a future city, the acceptance of Blockchain innovation is another progression that won't just make life more straightforward yet in addition, more joyful for its citizens.
Dubai is well-known for being a forward-thinking metropolis, with several programs aimed at making it one of the world's smartest cities. With a growing emphasis on research & development activities, innovation, future technologies, and other factors, it has earned the moniker of "future city." Several of these priority areas have indeed contributed to the city's reputation as an excellent location to reside, work, and do business.

Dubai: The Global Leader In Technology

Attributable to the different government-drove policies and initiatives that are business-accommodating as well as stimulate and support development, numerous worldwide organizations are setting up workplaces here to exploit the city's highly connected and cutting-edge infrastructure and facilities. On account of this, today, Dubai is regarded as a worldwide forerunner in a variety of disciplines. Be it Artificial Intelligence (AI), advanced mechanics, or fintech, it has established itself as a pioneer and the biggest center for Information and Communication Technology (ICT) in the MENA (the Middle East and North Africa) locale. Its emphasis on sustainability, information exchange, and clean energy for a brighter future is also assisting it in setting global benchmarks.
The Dubai Blockchain Strategy, a joint effort by Digital Dubai and Dubai Future Foundation, is one more quill in the city's prestigious cap that will assist it in accomplishing its goal to become the happiest city on the planet while also advancing the discovery of technological advancements to provide citizens with influential and effective experiences.

What Exactly Is Blockchain Technology?

For the uninformed, Blockchain can be understood as a technology that will assist users in performing transactions in a more efficient and secure manner. It's the technology where you'll be able to receive data on a highly safe and secure digital network. You can contact organizations like Digitalroar Softlabs, which excel in Blockchain Development and can help you adopt this distributed ledger technology to get your business future-ready.
This technology, which provides security, openness, and traceability, is set to make the government of Dubai the very first to shift all of its relevant transactions to Blockchain technology.
The approach will be underpinned by three pillars to attain this goal: government effectiveness, industry development, and global leadership. This technology will help all industries and bring in financial benefits and digital advancement, bolstering the city's aim of being a worldwide forerunner in technological advancement and the smart economy while also fostering entrepreneurship and international competitiveness.

Government Blockchain Strategies

The government of UAE has implemented Blockchain technology to streamline transactions in order to achieve its goal of making Dubai the happiest city on the planet. The Emirates Blockchain Strategy 2021, along with the Dubai Blockchain Strategy, were implemented to help Emirates accomplish its objective and improve it even further. Before the current year's end, the former will have assisted in the migration of 50% of government transactions on the Blockchain platform. The latter will assist Dubai in becoming the world's first city to run entirely on Blockchain technology. On account of the endeavors of Digital Dubai, a Blockchain landscape has proactively been set up along these lines laying out the city as a worldwide hub of Blockchain development.

What Does The UAE Blockchain Strategy 2021 Entail For The Government?

Aside from demonstrating that the UAE is embracing new technology, Blockchain provides a slew of advantages that promote ease of doing business. The government expects that because the data and information on a Blockchain can't be manipulated, the technology would strengthen the protection of all electronic transactions and the documentation created via them.
Another benefit arises from more operational efficiencies, as bureaucratic roadblocks are among the most important obstructions to running a business. People will be able to conduct crucial transactions at a time that is convenient for them, thanks to Blockchain. Of course, as per the government's forecasts, there will be resource savings in the future. They comprise 11 billion dirhams in savings from normal documentation and interaction processing. They also intend to save printing 398 million papers each year and also saving 77 million yearly labor hours that would have been spent on these activities previously.

Aim Of Dubai Blockchain Strategy

Through the Emirates Blockchain Strategy 2021, the use of Blockchain technology is not restricted to a national endeavor. In the guise of Blockchain Dubai, Dubai is pursuing a distinct effort. It will assist in making Dubai "the first Blockchain-powered government" and act as a future economic engine. The effort, which is a partnership between the Dubai Future Foundation as well as the Smart Dubai office, intends to realize H.H. Sheikh Mohammed bin Rashid Al Maktoum's goal of Dubai [becoming] the first city completely driven by Blockchain and the happiest city on the earth.

Blockchain Technology Use Cases

The Dubai Blockchain Strategy has resulted in the creation of a wide array of use cases, a collaborative Blockchain platform, and the Dubai Blockchain Policy. Modern Dubai has been successful in executing 24 Blockchain use cases in eight different industries, which include

  • Real Estate,
  • Commerce,
  • Transportation,
  • Defense,
  • Health,
  • Banking,
  • Education, and
  • Tourism.

The government, along with the business sector actors, are further working on this. Furthermore, the Dubai Blockchain platform, which was created in collaboration with IBM, is assisting government agencies in developing use cases without the need to invest in their own infrastructure. All of the city's Blockchain discoveries will be compiled and shared with the rest of the world for the benefit of other cities.

Wrapping Up

Dubai is well-known for being at the top of its game in the field of technological advancement. Dubai's narrative is inspiring, being one of the first governments to interact with Blockchain. It may serve as a road map for anybody interested in revolutionizing transactions using distributed ledger technology to create smart solutions.
Presently, Dubai is serving as a home to more than 100 Blockchain companies, with a 24% growth in Blockchain use in comparison to the worldwide average of 19%. The use of Blockchain technology will save around 5.5 billion dirhams per year in the processing of documentation solely. This thriving ecosystem will help firms grow and flourish, drawing additional investors and collaborations to the region.

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