As big as a buzz blockchain technology is making, governments
are not on the bandwagon yet. That’s changing, as Dubai is set to become the
first government to be powered by blockchain technology. That’s a big leap
forward and a milestone in blockchain’s history. Previously, countries like
China and Japan have seen the use of digital currency like Bitcoin and
Litecoin, but this new revelation is a much bigger step in blockchain’s march
forward to global use.
The Dubai Blockchain strategy was launched in 2016 by the state
royalty and hopes to become a major player in digital trade across the world.
As the first government to implement blockchain in a bid to go entirely digital
and entirely paperless, Dubai clearly has confidence in the power of
blockchain. They hope to achieve this by the year 2020, only 3 years away.
The UAE is already known to be an investor and business friendly
hub in the Middle East. With a sophisticated transport system and low taxation,
blockchain implementation is only likely to attract more customers and clients
from across the world.
This decision will have numerous effects. The regional demand
for tech-skilled employees will shoot up, adding employment opportunities, as
programmers and blockchain-knowledgeable individuals will be required to keep
the new system operational. The private sector will also receive a huge boost
from the implementation of totally digitized transactions. The new technology is
also expected to reduce the cost of bank transactions by 15 to 20 billion
dollars by 2022. The predicted figures for investment are also quite telling of
how eager some countries are to use blockchain. The predicted investment value
of Bitcoins in the UAE is expected to be $300 billion.
Dubai is also making an effort to educate all stakeholders in
blockchain and cryptocurrency. Over the course of many months, it will educate
the public, private sector employees and government officials on how blockchain
can be used to transform their transactions and businesses.
We at Money Trade Coin are happy to see governments taking such
strong initiative on the matter of blockchain and cryptocurrency. Such projects
are like the first domino in a chain of dominoes. When the first one falls,
others are soon to follow. As the advantages of cryptocurrency become more and
more clear through use, more people and countries will become convinced that
blockchain is the way of the future.
All in all, Dubai is showing great promise in its effort to
enhance its economy and improve all the underlying processes. Educational
workshops and practical undertakings are already in place, which puts in a good
position to meet its deadline of 2020. Focusing on government efficiency, industry
creation and becoming an international leader in digital trading, the
government has aimed high. Looking at the efficiency and zeal with which they
are executing the operation, they might just achieve those goals.
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