Dubai is quickly achieving its goal of becoming the world’s first blockchain-powered government to utilize the technology for all transactions by 2020.
According to a report from Trade Arabia, HH Sheikh Hamdan bin Mohammad bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of the Dubai Executive Council, launched the Dubai Blockchain Strategy. Through this it aims to explore and research technology innovations that could provide the chance to deliver improvements to the nation.
Dan Frankel, Blockchain City Adviser to Dubai at ConsenSys, which has been named the official company blockchain advisor for the city of Dubai, said that the distributed ledger technology could cut bank transactions by $15 to $20 billion a year by 2022. With the possibility to removing costs of manual processing, processing errors and re-work it could deliver savings as much as 75 percent.Full article can be found here. This is good news to the blockchain technology and is showing us how far-reaching this new innovation and revolution can be. The blockchain technology can be that breathe of fresh air which many industries and organizations can be waiting for. This can be applied in so many areas of our lives and can be bringing improvements and new dimensions that can be worth exploring. Now, I am sure that this would be inspiring other countries to also adopt the blockchain.
