IS DUBAI THE PRIMARY HUB FOR BLOCKCHAIN TECHNOLOGY

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Is Dubai the primary hub for Blockchain
Technology

• The world of cryptocurrencies has caused a lot of
  chaos in the economic powers around the globe.
  Bitcoin soared to 20,000 before plummeting to
  around 6000 per coin since the beginning of
  2018. This has led regulators in countries like
  the USA and South Korea to be cautious towards
  Bitcoin as is evident by the denial of several
  proposals to create Exchange Traded Funds (ETFs)
  for Bitcoin.But this caution from the worlds
  biggest economies has opened up some exciting
  opportunities for smaller countries like Malta,
  Singapore, and Dubai. Heres a look at everything
  Dubai is doing right with regards to the
  regulation of Blockchain Technology.

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Blockchain for Governance and organization

• Most people who are familiar Blockchain
  Technology consider Blockchains primarily as a
  technology that will impact the finance and
  banking industry. While its true that the
  worlds first Blockchain, Bitcoin, is going to
  have its most significant impact in those two
  industries, Blockchains have come a long way in
  the ten years since Bitcoin has been in
  operation. With the introduction of smart
  contracts in Ethereum, a whole new world of
  possibilities opened up for Blockchains as they
  allowed for programmable money. The concept of
  decentralized, trustless applications, is a game
  changer for industries like supply chain
  management and shipping along with governance.

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• For logistics and shipping, Blockchains allow for
  automated tracking of a shipment at every level
  in the supply chain. This allows for lower levels
  in the chain to anticipate any delays and to
  effectively plan for them in advance.
  Additionally, because of the security of afforded
  by Blockchains, the information stored on the
  ledger is completely resistant to tampering,
  making it a shared truth ledger for all the
  involved parties. Corporations like Wal Mart and
  Fed Ex are already testing out Blockchain
  Technology to lower costs and increased
  efficiency in their internal management for that
  reason.

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• Similarly, Blockchain has several use cases for
  governments from cutting legal red tape to
  automating taxation and returns Blockchains can
  streamline several of the key duties of the
  governments. One of the challenges in developing
  countries is that of land ownership in rural
  areas. When rural provinces go through government
  changes, the corrupt leaders are known to
  redistribute land to their cronies by altering
  the land titles which are kept locally.
  Blockchains can be a big boon to these situations
  as they can be used to store sensitive
  information securely.

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• Additionally, Blockchain can be used to track
  campaign donations and also how the power elites
  utilize taxpayer funds. One of the biggest
  complaints against governments around the world
  revolves around the lack of transparency in how
  taxpayer money is spent for infrastructure and
  other purposes. Corrupt politicians routinely
  misappropriate funds that are allocated for the
  benefit of the citizens and seldom get caught
  doing that. Blockchains are very transparent and
  therefore ideal for managing government resources
  so that taxpayers are entirely aware of how their
  taxes are being utilized.

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The Rise of Dubai as The Fintech Hub in the
Middle East

• Dubai is all set to become the leader of the
  blockchain revolution in the Middle East by
  embracing the technology to conduct all of its
  official business. Smart Dubai is an initiative
  undertaken by the government of Dubai to
  facilitate innovation in the emirate. Aisha Bin
  Bishr, director general of Smart Dubai, was
  quoted as saying We want to make Dubai the first
  blockchain-powered government in the world by
  2020.

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• This is a very ambitious goal, but one that is
  expected to make the process of doing business in
  Dubai more efficient. Specifically, the Smart
  Dubai initiative is focusing on two primary
  objectives. First, Saving millions of dollars in
  manual processing of government documents like
  passports, driving licenses and visas by using
  blockchains to handle the brunt of the labor.
  They plan on reducing the costs of manual
  processing by partnering with ConsenSys.
  Additionally, they want to improve governmental
  cooperation by moving inter-governmental
  paperwork onto blockchains through a new local
  startup called Arabian Chain.

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• In August last year, the Dubai Financial Services
  Authority (DFSA) and the Securities and Futures
  Commission (SFC) in Hong Kong reached an
  agreement for long-term cooperation between the
  two organizations to help startups in the Middle
  East. The initiative also goes to show that Dubai
  is keen on leading the region in matters of
  cutting-edge financial technologies.
• Learn more about Blockchain

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Blockchain Council Certifications

• You can check out our certifications, and kick
  start your career in the Blockchain space today.
• Certified Blockchain Expert
• Certified Blockchain Expertv2
• Certified Blockchain Developer
• Certified Smart Contract Developer
• Certified Solidity Developer
• Certified Ethereum Developer

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