Dubai Embracing Blockchain!
Now this title doesn’t even begin to describe the enormous lengths that Dubai is going to ensure Blockchain is a part of society as a whole. Now we all know that Dubai is oil-rich and they are on the brink of all new technology and their city is a futuristic sci-fi movie. However, they are officially becoming the world’s first Blockchain powered government.
By 2020, Dubai’s minister of Artificial Intelligence wants to have all bill payments, license renewals, visa applications etc to be conducted in a digital manner using blockchain. All of the paper and pen using people of the world are probably losing your minds over this. Especially if you are residing or spend a large portion of your time in Dubai. Before we fret here, this digital move will end up saving them millions if not billions ever year and have the system moving at a much quicker rate. This means, quicker license application turnovers etc.
Dubai is even planning to incorporate blockchain in the buying and purchasing of real estate! Their ideal is to use Blockchain as one single platform across the entire country. This sounds great in theory but, what about hackers? Do we trust large sums of money online?
Dubai is just getting started with Blockchain and it is expected to increase their overall revenue and lower costs. Should the rest of the world be following?
Happy Spinning 🙂
The city’s ambition with blockchain is astounding, though the potential security risks remain concerning.