In the same year, it created the global blockchain council. This body, which included government agencies, technology companies and banks, aimed to scale up a very new technology.
Since then, Dubai has been piloting various blockchain-based projects that explore innovative applications in various blockchain network sectors, from municipal services to education and transportation. Dubai has reached a milestone this week by announcing the launch of a joint project with smart Dubai, and the middle easts first government-backed blockchain.
Anthony Butler, middle east and Africas blockchain services chief technology officer sat with us to learn more about Dubais blockchain plans and this achievement.
What is Blockchain?
Claim that blockchain is an immutable, real-time shared ledger used to record the history of transactions such as finances, contracts, assets, information about supply chains, etc.
The network is food trust permissioned and has known identities. The entire chain is not controlled by one party or person. Everyone in the chain has access to the details of every record or block.
Each block has a timestamp and is encrypted. Only the owner of a block can make changes to it. The only way that owners can access their blocks is through a secret key.
Every time a block is modified, the distributed Blockchain of everyone syncs and updates it.
Government Blockchain Strategies
To facilitate its transaction, the UAE government adopted blockchain technology. To support this initiative, the UAE Government launched both the Dubai and Emirates blockchain strategy.
By 2021, the Emirates blockchain strategy 2021 will use blockchain technology to convert 50% of all government transactions to the platform. Dubai blockchain strategy aims to make Dubai a city powered entirely by blockchain in 2020. Three strategic pillars will guide the strategy: Government efficiency, Industry creation and rights management international leadership.
Blockchain Council
Dubai future foundation, as part of its efforts to implement the latest technology and innovations at the international level, established the Global Blockchain Council.
The council was created to discuss and explore current and future blockchain applications and to organize transactions through this platform. This council is designed to facilitate transactions in various financial and non-financial industries and increase efficiency and reliability.
It comprises 46 council members, including government agencies, multinational companies, UAE leading banks, free zones and blockchain technology firms.
Projects Based on Blockchain in the UAE
Blockchain Project for Vehicle History
The roads and transport authority is developing a system to manage vehicle lifecycles using blockchain technology.
This project will provide transparent information about vehicle history to car makers, dealerships, insurers, government regulators, garages and buyers. The blockchain system is designed to increase transparency and trust and reduce costs in the vehicle transaction process.
The system tracks blockchain for business the history of ownership, sales and accidents to develop smarter and more efficient supply chain systems. It is part of the Dubai 10x initiative and should be finished by 2020.
What is the Origin of This Project?
Dubai kicked off its blockchain journey by creating the global blockchain council, an interagency group bringing together the private and public sectors to envision its uses.
Furthermore, their Dubai blockchain strategy comprises three pillars.
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Blockchain technology can revolutionize the government.
Dubai stands as an innovative leader in this space.
- Blockchain industries can help create new businesses. Smart Dubai appointed in 2017 as their blockchain lead strategic partner to identify high-value blockchain use cases with significant effects and make an impressionable statement about what role it would play within Smart Dubais plans for development and investment.
What Use Cases Did You Identify That Could Be Good Candidates for Blockchain?
Blockchain can enable us to address networked problems that would otherwise be impossible to address with traditional databases or technologies alone.
A network problem occurs when multiple parties dont necessarily trust one another. For example, a government process that includes multiple private or public entities or an organizations supply chain could fall under this category; think of blockchain, an cross-Industry blockchain technology intermediary trust system!
We has completed over 500 blockchain projects across various industries and locations worldwide - many conducted locally.
We researched all governmental bodies within Dubai to explore opportunities to use Blockchain. Ultimately, we identified several highly beneficial use cases spanning multiple entities that support its overall vision for Dubai.
Why Does Blockchain Prove So Valuable in These Situations?
Blockchain is a distributed ledger with characteristics of consensus, immutability and finality that enable participants to trust the content.
Blockchain allows all participants to view and update one ledger instead of maintaining individual records of network state individually - meaning less paperwork, reconciling enterprise Blockchain provider differing points of view more quickly, dealing with disputes more swiftly, and eliminating the need for third-party adjudication services.
Does We Have Any Specific Use Cases for Dubai?
Dubais department of economic development provides an ideal example. Dubai contains multiple "free zone" jurisdictions, each of which has unique rules and licensing authorities; businesses may be created either on the mainland or a free zone depending on specific rules and purposes, thus creating the need for an aggregate view across different jurisdictions - something our blockchain registry facilitated via Source Code exchanging company registration details among mainland participants as well as free zone ones.
What Will the Blockchain Mean for Dubai?
Blockchain can be an extremely beneficial asset to the government in many ways. It helps reduce paper use, with high cost and efficiency advantages; facilitates transactions requiring multiple moving parts (like visa renewals) more easily managed digitally; quickly analyzes data to uncover improvements opportunities more rapidly; and enables Dubai to radically overhaul their "business of government radically", creating completely novel services and processes altogether.
What Can Blockchain Do for a Typical Dubai Resident or Citizen?
Citizens or residents wont notice when blockchain technology is utilized; rather, theyll see that previously cumbersome processes involving multiple government agencies have become seamless and efficient.
Collaborative effort One use case we are exploring involves managing the lifecycle of vehicles - from importation through disposal or export. Registration or renewal for automobile registration can be simplified using digital solutions. Registration has never been faster or clearer in the used car market, as prospective buyers can easily view its history.
Furthermore, applying for a trade or business license often necessitates numerous regulators, actors and forms of documentation to complete.
Why is the Blockchain Platform a Perfect Environment for Dubai?
Before considering blockchain for government use, security, resilience, and performance must all be advanced cryptography carefully considered.
With these factors in mind, the blockchain platform was specifically created - perfect for government workloads like Dubais security standards requirements.
Hardware is highly secure with redundant and tamper-resistant components; blockchain data runs in secure containers inaccessible to comply with Dubai data residency laws, and this platform will be located locally within Dubai.
The platform is built upon standards and the Hyperledger Fabric protocol from the Linux Foundation, featuring dashboards, monitoring tools, and governance controls to limit whether users join or leave networks.
How Will Blockchain Be Scaled to New Markets and Use Cases?
It works closely with industries and clients across the UAE. 2017 witnessed proof-of-concept millions of line demonstrations and experiments being done using blockchain technology; 2018 will mark its adoption with full use seen throughout government institutions such as banks; however, we also see interest from oil & gas, consumer goods manufacturers, and aerospace.
blockchain also facilitates new revenue models & business models.
The UAE Government is Embracing Blockchain Technology
Blockchain technology provides an unalterable, shared ledger that keeps track of transactions and contracts in real-time, recording historical transactions as they happen and details regarding supply chains, assets and contract details.
The UAE government adopted blockchain technology to facilitate its work efficiently and transparently. It launched two strategies to support its adoption: Emirates blockchain strategy 2020 and Dubai blockchain strategy.
Dubai future foundation created the global blockchain council as an advisory body on current and potential applications of the platform while organizing transactions through it.
UAE Will Remain the Blockchain Capital of the World in 2023
- Crypto had an eventful 2022 as its market capital dropped more than 2 trillion dollars, along with confidence spirals and price dives that contributed to bad actors tarnishing cryptocurrencys image among consumers; only 8 percent of Americans hold favorable views towards crypto. Still, Financial service blockchain remains optimistic; serious players continued growing while several areas, such as the uae or the middle east, became crypto hubs.
- Saudi Arabia sent more than $78 Billion worth of remittances to the UAE between 2014 and 2017, which now ranks amongst the 30 biggest remittances worldwide. Over recent years, UAE government initiatives that promote blockchain adoption, such as Emirates Blockchain Strategy 2021 or Dubai blockchain strategy, aim at digitizing 50 per cent or all government transactions, respectively. Meanwhile, in Dubai itself - its goal of becoming one of the "happiest places on Earth is fully dependent upon blockchain tech for development, which is also underway.
- Dubai and UAE, known for their easy financial regulations and regulatory authority, have quickly source collaborative become hubs of cryptocurrency trading. At the same time, other nations struggle with banning or regulating it. According to data gathered, over 8,000 individuals are active within Web3 markets within the MENA region alone, including major players like Binance, Crypto.com and Hashgraph Association.
- Hashgraph association and orange have collaborated to encourage young entrepreneurs use of blockchains and fintechs as part of decentralized financing solutions via Hederas grant program in ADGM Hashgraph Ventures and several large-scale collaborations across the UAE.
- Boston Consulting Group recently named the UAE one of the two most attractive countries worldwide to work within digital industries, ranking Abu Dhabi and Dubai amongst the ten best places for finding digital talent. Kamal Youssefi of Hashgraph Association highlighted UAEs allure for blockchain companies through innovative regulations, strong talent pools and diverse Cloud-Based Blockchain Platform communities. I just returned from attending meetings at Google San Francisco campus, where their Governing Council meetings occurred, and all agreed that UAE was attractive because of its progressive regulatory framework and talent pool.
- Youssefi highlights Dubai as an essential location to expand our operations across the Middle East region and increase the Hedera Hashgraph adoption ecosystem. Hedera boasts an esteemed advisory council composed of many notable players such as Google, Dell, Boeing and Chain Link Labs as members; among these organizations are EDF (Electricite de France), LG Electronics, and Ubisoft University College London, among many more. To become the worlds first city powered by blockchain technology, the UAE needs powerful yet user-friendly tech to empower its people. Open-Source Blockchain Solution Emergent blockchain businesses throughout the region will also contribute to this goal. Dubais adoption of Blockchain involves taking a holistic approach, considering technical matters, regulatory frameworks, and partnerships. Hedera was designed with government and enterprise use cases in mind; thus, its governance by an international consortium of technology, financial, and educational institutions.
- Zain has recently joined Hedera Technology and telecom providers such as major telecom service providers as members of its Distributed Ledger Technology (DLT) ecosystems and has also joined Hedera Council. Looking forward, even under generally bearish market conditions, Youssefi remains an advocate of industry growth; UAE blockchain ambitions go well beyond trade finance: Abu Dhabi recently unveiled their metaverse gaming initiative, which projects a global market worth Dh3.55 trillion by 2030 with 2023 seeing significant rises in digital collectables, non-fungible (NFT), tokens as well as games which allow players to earn real cash compared with 2023 figures. Scholars Business Network predict significant increases in digital collectables and games that allow players to earn real cash compared with 2023 figures.
- Hedera has already seen many successes within its network, such as Animoca Brands Web3 development initiative and EAs licensed eSports Platform built on Hedera to host competition in Apex Legends battle royale online game, along with competition via an Amazon Meta and developer-created EA-licensed eSports Platform built on Hedera. Youssefi highlighted Hederas low fees, fast transaction speeds and rapid completion to help gaming projects flourish further while remaining optimistic for blockchain techs potential use within Middle Eastern regions, adding, "We remain extremely optimistic regarding DeFi and gaming projects as well as initiatives which could lower costs or increase accessibility across millions in MENA areas!"
- Youssefi anticipates an upsurge in UX usage over the coming months as part of his business, following the failures of major industry players like FTX in 2022 and other players such as other providers such as Hedera. Self-custody technology remains too difficult for average users, thus mandating efforts by the industry to make adopting it simpler. Hedera was developed specifically with users in mind; its user-friendly nature allows developers to easily build decentralized apps (dApps) without learning a foreign language.
Learn More About Web3s and Blockchain Presence in Dubai, The Uaes Largest City
Dubai was named a Middle Eastern and world crypto-redi city in 2023, earning itself second overall status.
Thanks to recent regulations and improved infrastructure, Dubai has cemented its position as the Web3 capital of the world - not an easy feat! Today, we will examine Web3s presence within this bustling metropolis.
Why is Web3 Growing?
Web3 is an advanced version of the internet that seeks to give power back to users through blockchain and cryptocurrency technologies.
Why has Web3 been such an attention-grabbing topic within gaming culture?
Simple: Data ownership has never been more crucial. Being in charge of yourself and information online becomes ever more essential.
At the same time, businesses want greater flexibility for online interactions with clients and vendors alike. Authorities across industries are adopting this emerging technology to achieve improved security, scalability and privacy benefits.
Blockchain ledgers may seem confusing at first, but to put it simply, users are only permitted to maintain them since the system is decentralized; each blockchain user owns their copy.
All transactions on the chain can be fully traceable, and anyone may view them. A blockchain provides an effective method for recording entries that cannot be altered after being recorded - perfect for situations that demand security, such as medical records, voting or identity management.
What Effect Will Blockchain Have on the Gaming Industry?
The gaming industry offers many opportunities for advancement and transformation.
- Demand an environment that provides safe and secure conditions for game developers to create, launch and monetize games.
- The Blockchain provides gamers a safe space to buy and sell virtual currency that could generate real-life income through games they spend money on.
- Through Blockchain, gaming can create real revenue generation.
- This technology facilitates greater collaboration between gamers and game makers, leading to innovation.
There are ample opportunities available to influence market decisions related to new features using this tool.
Opportunities such as these remind us how critical it is to seize these new technologies before their significance in our sector and industry is completely lost on us.
Blockchain Technology in the Mena Region
As the middle eastern and north african region strides forward with digital innovations and blockchain technologies, more people have taken notice of its growing significance to the crypto market.
MENA has quickly emerged as an epicenter of FinTech innovation. Many leading companies from around the globe have come to establish blockchain enterprise solutions there; several UAE firms (New Technology Systems Intertec and Konvexe), along with Block Armour of Singaporean origin, have formed strategic alliances and formed blockchain enterprise solutions there.
PWC estimates that Blockchain will generate $3.2 billion worldwide by 2024, with most coming from MENA markets such as Dubai and Saudi Arabia, having over one hundred blockchain startups each, or approximately one per 100,000 population density! In 2022 alone, the UAE was named the worlds third most attractive market for blockchain startups globally, with almost 120 startups operating there, or roughly one in every 100,000 population!
What has happened as blockchain adoption grows across MENA region countries? Egypt streamlines foreign remittances.
Israeli blockchain startups flourish. Oman and Saudi Arabia enter agreements. The MENA blockchain industry is still developing early, offering ample investment opportunities.
Governments across this area are enthusiastic to foster blockchain technology projects and have created foundations to assist these initiatives.
Their governments are setting policies around financial and contractual transactions involving blockchains; additionally, they embrace them to encourage crypto companies and startups to innovate and invest. Furthermore, regional banks have adopted cryptocurrency exchange systems. With so much dedication from business communities and governments focused on innovation, leading the charge in global cryptocurrency leadership is inevitable in this region.
Dubai Web3
Reports by asset manager suggest that Dubai will rank second worldwide among cities for cryptocurrency readiness by 2023 - trailing only London and boasting 772 companies related to cryptos, providing incredible investment opportunities to foreigners.
According to a representative of Aahain and cryptocurrency technology. Following their passage of multiple laws enabling crypto exchanges last year, two-thirds of UAE adult residents were interested in cryptocurrency according to results; its low taxes make Dubai attractive as an investment locale - in particular, UK residents since approximately 200K Britons reside there according to; additionally, there are 772 cryptocurrency firms where residents may seek employment within this field in Dubai alone!
Dubais Web3 economy has been recognized for advancing Web3 innovation. It created one of the largest and most dynamic Web3 hubs globally, featuring over 100 active companies within their ecosystem and hosting various Web3 events annually.
Dubais metaverse strategy unveiled and championed in 2022 by Dubai crown prince Sheikh Hamdan bin Mohammed, seeks to expand Dubais contribution to the metaverse economy for the UAE and become one of the top 10 metaverse economies by 2030. They aim to introduce over 1,000 blockchain and metaverse businesses, creating over 40,000 virtual job openings by 2020.
PwC estimates that VR and AR technologies may contribute an extra $4 billion towards Dubais economic development, further cementing them into long-term society.
Metaverse technology is currently being implemented through the formation of The Higher Committee for future technology and digital economy, with members responsible for designing policy, analyzing trends and overseeing the implementation of future digital strategies and technologies like metaverse, AI and Blockchain.
Dubai boasts one of the only virtual asset regulators globally whose purpose is to safeguard investors while offering economic security and market transparency; they aim to protect investors while providing market security. Among its numerous achievements are FinTech innovation as an emerging business field, eCommerce expansion, and middle eastern growth potential, as demonstrated by ranking first among all 20 global cities included in the economists digital cities index last year.
Conclusion
Dubai stands as an emblematic example of cutting-edge technologies. A key example is their integration of real estate technology and blockchain - Bitcoin tower, launched last week as part of their initiative that marries both physical and virtual versions.
According to their creator, this project can cement UAE as a leader in cryptocurrency development while serving as an information hub for crypto enthusiasts around the globe. Furthermore, Dubai is an innovative city where crypto integration may eventually take root in daily life.
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