A small village, that only survived on fishing and pearls hunting – this is how Dubai looked like 50 years ago. Today Dubai became the first city that supports the blockchain technologies on the governmental level.
By 2020 Dubai government is planning to make sure that all city services are digitalized with the use of blockchain data capabilities. Blockchain technologies are going to be heavily utilized in almost every sphere of life, from city police and electricity to medicine and education. This transformational move will save over 25 billion man working hours, and 1.5 billion dollars.
What have been done so far?
Dubai officials has already launched the real estate initiative, which allows to register all agreements and contracts in the blockchain. Hence, to put it bluntly, all transactions, including rent, telephone bills or property taxes can be accomplished with the use of blockchain system, rather than traditional banking transactions. Moreover, in October Dubai introduced its own cryptocurrency which allows to pay for every service, including municipal ones. For an ordinary resident this all mean that no middleman is now needed to do any of everyday transactions. And this is only a beginning, by the end of 2020 Dubai is going to be transformed into the city of the future with all transactions based solely on blockchain.
What will be done by 2020?
The company Arabian Chain have set an ambitious aim to transport all official documents of Dubai into the blockchain system, meaning that for manipulations with those documents no lawyers or advocates will be needed.
Moreover, the biggest bank Emirates NBD is planning to fully utilize blockchain in logistics, and commercial transactions. Paper contracts will be changed by smart-contracts, which are impossible to forge. The similar move is going to be made by the Department for International Trade, which will incorporate blockchain to trace import and export of goods and services in the emirate.
Finally, blockchain technology will replace 100 million paper documents needed to get a visa, extend the residence permit, or to pay a fine. To alleviate the entry and exit Dubai officials will provide digital passports based again on blockchain technologies.
New projects in Dubai
The willingness of Dubai officials to welcome a blockchain and innovative technologies in general made Dubai a perfect place to start launching crypto-projects. Today Dubai is looking for start-ups that will make a valuable contribution into building a new economic system. This is why we chose Dubai as a city to start our project. On October 14-17 Dubai World Trade Center will hold one of the main convocation of start-ups in the region – GITEX Future Stars, and Bistox team will be present as well. We will introduce our semi-decentralized cryptocurrency exchange, that combines benefits of centralized and decentralized exchanges, and functions on the innovative NEM blockchain.