Many countries are reaping the benefits of the Blockchain technology. It is a technology of all possibilities. There are a lot of benefits that Blockchain can offer. It can redefine key processes. It can foster easier transactions among countries, and it can reduce transaction costs. These are just a few of the many benefits we get from the use of the Blockchain Technology.
In line with this, a company in Dubai has shown that they are serious about creating blockchain-based business processes. Check out this article to know more about this amazing story.
Smart Dubai Office Scoops Major Award for Blockchain City Initiative
The Smart Dubai Office has bagged an award for its Dubai Blockchain Strategy at the Smart Cities Expo and World Congress in Barcelona, beating competition from 308 other projects from 58 countries.
Launched in 2016, the Dubai Blockchain Strategy sees the Dubai government aim– among many objectives – to execute all of its transactions and place all its documents on a blockchain by the year 2020. The Dubai government’s aggressive blockchain-forward stance was first revealed in February 2016, when its ‘Museum of the Future Foundation’ established the ‘Global Blockchain Council’ in the city. The ultimate goal? Dubai intends to become the world’s first city that runs on blockchain technology. The effort is now seeing wider recognition.
The Smart Dubai Office (SDO) picked up the City Project last week, gaining acclaim as “the most innovative and successful” project that is already being implemented or developed in a designated urban area. Further, a report by The Gulf Today cites Smart Dubai Government Establishment chief executive Wesam Lootah revealing a concentrated effort toward outlining international standards for blockchain applicability in government.
Highlighting the international award as a “great honour” and a “testament” to the emirate’s embrace of blockchain technology, Lootah said:
We, at Smart Dubai, plan to go beyond simply applying Blockchain technology in our operations; in fact, we are currently working to outline the first set of international standards for Blockchain application in government. We are confident that our experience will inspire cities around the world and bring forth new opportunities to implement Blockchain in all walks of life.
The SDO also showcased blockchain solutions to improve governance models as well as emphasizing the role of data in Dubai’s smart city initiative during the event.
Other related initiatives in the city-state include a citywide blockchain payments system approved by the Dubai government earlier in April, placing its entire land registry on a blockchain in the coming years and switching to digital passports using blockchain tech at the Dubai international airport.