Dubai is on its way to become the world`s first government that relies on blockchain technology for all transactions by 2020."Private sector enter
Dubai is on its way to become the world`s first government that relies on blockchain technology for all transactions by 2020.
“Private sector enterprises, which stand to gain due to potential synergies with the government, are also gearing up and early adopters and first to market with this technology will have definite first mover advantages.”, as Dan Frankel, Blockchain City Adviser to Dubai, ConsenSys, told Chief Information Officers (CIOs) at the recently held CIOMajlis session on ‘Blockchain Technology’.
CIOMajilis is an initiative by Smartworld, an Etisalat and Dubai South joint venture company, which created the event to gather innovators in the field, according to tradearabia.com.
Speaking to the online media, Ahmad Al Mulla, Chairman of CIOMajlis, commented:
“Dubai is a frontrunner in adopting the latest technology and has set a goal to become the world’s first government to execute all implementable transactions on the blockchain by 2020.”
“The government initiatives in this direction present tremendous business opportunities for the private sector in the UAE.”, as he added.
HH Sheikh Hamdan bin Mohammad bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of Dubai Executive Council, launched the Dubai Blockchain Strategy, focusing on researching and assessing the latest technology innovations that could deliver safer and more efficiet city experiences.
On a global scale, the market size for Blockchain is expected to grow from $210 million in 2016 to over $2.3 billion by 2021, according to the local report.
Frankel made clear that the distributed ledger technology can cut costs of bank transactions by $15 to $20 billion a year by 2022. The technology reportedly has the potential to remove cost of manual processing, processing errors and re-work.
“Early adopters and first to market with this technology will have a strategic advantage.”, the official said as quoted by tradearabia.com.