The initiative was revealed at an event hosted by the Dubai Future Foundation and the Smart Dubai Office and the project aims to open the blockchain platform to other cities around the world and the effort is part of a larger bid by the emirate, one of seven in the larger UAE, to set the standard for smart cities.
The Dubai government estimates that by implementing blockchain technology, it could save 25.1 million hours of economic productivity each year, while reducing CO2 emissions. The initiative is part of Dubais year-long push to become a global leader in blockchain tech. In April 2016 Dubai launched its Global Blockchain Initiative (GBI) with 30 members from both the public and private sectors, and the initiative now counts 47 government and financial entities as members.
Dubais blockchain strategy will be built on three pillars, according to a statement. This includes: government efficiency, industry creation and international leadership. Blockchain could creating a new digital layer for city transactions, contributing to increased government efficiency. Furthermore, once the documents have been moved to a blockchain, the organizers believe the project will create business opportunities for the private sector.Industries Dubai expects to benefit from the transition include real estate, banking, healthcare, transportation, urban planning, smart energy, digital commerce, and tourism.
But perhaps the most interesting aspect of the news is the governments plan to open its platform to other cities and nations.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now