Forbes: Dubai looks to the future and builds the world’s first blockchain government

nRunaway Comment: The Dubai government’s smart Dubai strategy is in full swing, recently to further promote the development of this plan, the Dubai government appointed a new director of artificial intelligence plans to set off yet another change: to become the world’s first block-based Chain of government. The plan saves 25.1 million working hours or $ 1.5 billion a year in Dubai. The blockchain technology also enhances the confidence of global investors in Dubai, the start-ups and technology giants are also actively helping to achieve results of the blockchain plan in Dubai as soon as possible.n
nTranslation: Clovern
Dubai, which boasts the “City of Tomorrow,” plans to launch robotic cops, driverless taxis and self-driving vehicles in the coming years and has recently appointed a new chief executive of artificial intelligence to set off another revolution: becoming The world’s first blockchain-based government. By 2020, the emirate wants to transfer all of its visa applications, bill payments and license renewals (more than 100 million documents a year) to the blockchain for digital transactions.n
Smart Dubai Strategy is conducting government and private-sector seminars to identify areas of service that can maximize its effectiveness through the use of blockchain technology. The strategy saves 25.1 million working hours or $ 1.5 billion a year in Dubai. Much of this increase in productivity will result from the shift to a paperless government.n
In view of the data records provided by this technology can not be tampered with, real estate can not escape the subversion of the blockchain. To completely change the way people buy, sell and rent real estate, the government agency that oversees land purchases and approves real estate deals – the Dubai Land Agency (DLD) launched a blockchain-based system in October to help ensure that financial transactions, Record all real estate contracts electronically and connect homeowners and tenants to real estate-related billing authorities such as utilities, water and telecommunications utilities.n
Sultan Butti bin Mejren, director of the Dubai Land Authority, said in a press statement:n
n”Our goal is to unify all real estate and departmental services onto a single platform, but the move is still in its infancy, and in the near future many partners will join the blockchain to improve their customer service, including banking , Mortgage loans and utilities and maintenance. “n
Get the confidence of global investorsn
According to the Knight Frank’s 2017 Wealth Report, the introduction of blockchain into the real estate industry is significant for the fourth-largest city in the world with the largest inflow of HNWIs. According to DLD, the technology, with its anti-fraud and high-transparency attributes, is likely to affect Dubai’s thousands of global investors every year to gain confidence in the city.n
As a result of the blockchain technology, a series of large-scale projects have been introduced and the demand for new condos has been increasing before the World Expo in 2020. The real estate industry in Dubai is expected to grow in 2018. Earlier this year, an apartment project under development in Dubai started accepting bitcoin for purchase.n
However, the use of blockchain technology in the real estate industry is just the beginning. The emirate also launched in October a blockchain-based cryptocurrency, emCash, that people can use to pay for government and non-government services. Ali Ibrahim, Dubai’s Deputy Minister of Economic Development, said in a statement to the press: “Digital currencies have many advantages – faster processing, faster delivery times, lower complexity and cost – which will enhance Dubai’s business Convenience and quality of life. “n
The role of start-ups and technology giantsn
However, Dubai’s blockchain strategy also faces challenges due to a lack of expertise and infrastructure that supports all blockchain functions. To meet these challenges, the city will launch a shared platform called Blockchain as a Service to help Dubai government agencies use blockchain technology across different projects.n
In addition, local start-up ArabianChain is also helping to shift intergovernmental paperwork to the blockchain and Dubai Future Accelerator plans to integrate its top technology and business with its partners to create breakthrough solutions that CrossVerify, A handful of blockchain start-ups, including Loyyal, Luther Systems, Otonomos and RSK Laboratories, are rapidly deploying blockchain in Dubai.n
Earlier this year, the Dubai government partnered with British startup ObjectTech to implement a blockchain-based security screening process at Dubai International Airport while developing digital passports to eliminate manual processes. Dubai Customs and Dubai Trade Center are also working with IBM to test the trade finance blockchain.n
Technology giants such as Microsoft, SAP and Cisco also joined the 2016 body of 32 government entities and private global companies to work on blockchain applications in Dubai.n
Ahmed Bin Sulayem, Executive Chairman of Dubai Multi Commodity Trading Center (DMCC) said:n
n”The role of the Global Blockchain Commission is to ensure that Dubai seizes the opportunities and offers ideas and guidance on how the blockchain can benefit market participants, ultimately contributing to Dubai’s economy.”n
nEarlier this month, UAE’s Central Bank announced that it is working with the Saudi Arabian Monetary Authority to use blockchain technology to issue digital currencies that it accepts in cross-border transactions between the two countries. With governments, start-ups and global technology giants in full swing, Dubai’s ambitious blockchain program, while still in its early stages of adoption, is likely to yield results sooner than expected.n

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