Skip to main content

Dubai to Become a Blockchain City


Dubai is a city known for its extravagance and technology. Flying taxis, water jet firefighters, and robotic police are all parts of its current reality or future. It would not be a surprise if they were simply looking into smart contracts and cryptocurrencies, but what many may not realize is that they also plan on being the world's first blockchain-powered government.

DUBAI AS A BLOCKCHAIN CITY
There are some immediate and obvious advantages to getting much of a nation's citizenship and other tedious documents which require extensive reconciliation between various organizations onto a blockchain. Distributed, decentralized ledgers offer numerous benefits for this kind of recordkeeping.

Dubai plans to make the majority of city documentation powered by smart contracts by the year 2020. This is ambitious, but not impossible. The various items that will find their way onto the blockchain by then are: visa applications, bill payments, and license renewals. Essentially, anything that currently requires paperwork will likely end up on the blockchain between now and 2020.

This makes an incredible amount of sense, and the amount of money saved by cutting down on man-hours and labor costs is significant.

CULTURALLY APPROPRIATE COINS
While many may assume that these smart contracts and the associated data will be written on a public, already widely-used blockchain, we may need to reconsider. There are many reasons why new cryptocurrencies may be more attractive to governments, such as Dubai's, over others. Namely, there are coins like DubaiCoin (DBIX), which was built and developed by residents of Dubai. One must also consider the fact that Islam (the majority religion in the UAE) also has its own set of financial laws, which would make a locally created coin a more culturally appropriate choice for a predominantly Islamic city.

Please note that this is only a guess, as the Dubai government has not yet announced which blockchain(s) it will employ to facilitate these smart contract functions. Do not take this as financial advice.

OTHER GOVERNMENTS HOLD THEIR BREATH
At the end of the day, this is going to be an incredibly valuable dry run for the rest of the world. This will demonstrate just how effective blockchain technology can be for solving the many challenges that national governments face.

Once the example has been set, the benefits made apparent, and the pitfalls identified, this is going to be a great blueprint for other governments and cities to follow. While the cost of spinning all of this up may be a bit beyond the means of many governments for a while, the price of blockchain adoption will surely decrease the more widespread it becomes.

We should all be excited about this.

Comments

Post a Comment

Popular posts from this blog

The Bitquence Liquidity Network

CryptoCurrency is gaining popularity, however with Bitcoin very user-unfriendly mass adoption is not coming. The Bitquence Platform is aiming to replace Bitcoin with it's many disadvantages with something better. A currency for the people. More and better usability, A wallet which is universal and support several coins, like Bitcoin but also Dash and Ethereum. Please read along to get the latest information about this project which can grow very large. Collection of abnormal pockets programs, With automated sources that oversee a large number of wallets for each and every of your financial paperwork making it exhausting to do. International Cryptocurrencies lately stay on experiencing an especially noteworthy increment, impulsively reaching colossal valuations. The have an effect on at the present economic system modified the psyches of people to take after enhancements within the time of Cryptocurrency. Virtual kinds of cash and blockchain innovation are lat...
Post a Comment
Read more

BOScoin | Self-Evolving Cryptocurrency Platform

Well, what is BOScoin? BOScoin is a new virtual currency from a South Korean Fintech startup Blockchain OS. And unlike the existing virtual currencies, BOScoin is a new digital currency which also happens to be based on a blockchain. However, according to the company's experts it has a higher transactional speed which will go up to about 1000 transactions per second that is in line with the credit card processing speed. Its platform has been presented in both London and Berlin by Blockchain OS where they have been answering the questions of many with interests in the fields of design, technical, architecture, and governance. BOScoin is designed as a platform for a self-evolving crypto currency as an upgraded and much better version of both the Etherum and Bitcoin. BOScoin is however built to assist in trust contracts that usually provide a more approachable framework for creation and execution of blockchain contracts. Trust contracts are those secure and executable contracts tha...
Post a Comment
Read more

PRO Commerce - Coin Back Rewards

A new and promising project is the upcoming PRO Commerce Project. In essence the project is about getting Rebates and Crypto currencies into 1 platform. Something which is not new, because the INCENT project is also about that, however the PRO project has a different approach in achieving their goals. Their platform will be the main field where the project and business model should excel and make the project a success. The platform The goal of the PRO Platform is to create awareness and engagement, something which by just offering rebates is not sufficient, however holding PRO makes the user also an spectator and the team behind Pro believes this will make a difference in the way users will be committed and engaged in the project. By holding the coins they will eventually use the coins to speculate and use it. The app within the platform itself consist of 4 main components which according to the team will add a tremendous value to any business, making it the main app to use in compar...
Post a Comment
Read more