Panoramic picture of Dubai city

How Is Dubai Becoming The First Blockchain-Based City In The World

Can Dubai become the first “smart city” by 2021? 

Dubai it’s, definitely, one of the most looked up destinations for travelers, due to its inspiring skyscrapers, five-star hotels, and billionaire lifestyles. However, there’s much more behind this surface that reveals the city’s true potential.

When it comes to enforcing the blockchain technology in all of the public services, Dubai’s one of the most promising in the whole world. Because of its citizen’s knowledge of how can technology can be developed and applied to most services, it can be considered the first place to implement crypto solutions in the Middle East.

This is a no-way-turning-back solution since it will change the way people will deal with money, information, and privacy.

Dr. Aisha Bint Butti Bin Bishr, the Director-General from startup Smart Dubai, is leading the project to transform Dubai in the first blockchain-based city in the world. According to Her Excellency, Dubai city “has established itself as a global destination for innovators and entrepreneurs in the industry”, by utilizing its avant-garde technologies to “(…) create an advanced, connected, and seamless urban experience for the residents and visitors.”

How is that possible?

Charged by the government office, Smart Dubai is the project responsible for leading and facilitating the citywide smart transformation.

In collaboration with the United Arab Emirate’s private sector and governmental partners, the startup is committed to empower strategic partnerships and to apply their technological solutions and implement new services (as well as updating the already existing ones).

The first step is to increase the government’s efficiency by moving transactions to the blockchain. The Dubai Department of Finance (DoF) is already working to enable the transactions to DubaiPay addresses. Also, the transactions can be real-time monitored through a technology developed by Avanza Solutions.

Ali Safri Free, the Lead Consultant of Avanza Solutions, explains that the blockchain will enable the payment of the funds (that are currently being collected by banks) when citizens pay for a particular bill and get it to the hands of entities for which the payments are collected. It cuts fees and optimizes the transactions in time.

As well as financial exchanges, most services (including visa applications for tourists), bill payments and license renewals will be based and securely transacted using the blockchain.

It takes a city to design the future

By transforming Dubai into a 100% blockchain-based city, the United Arab Emirates expects the city to gain a confident look from global investors. Dubai city’s currently on the top 5 of the world’s biggest flow of high net-worth citizens, which means immense opportunities for global investment.

By catching the world’s most relevant leaders’ eyes, Dubai will remain ahead of the curve and provide guidance to market players on how the blockchain technology and its applications would benefit them economically.

Take a look at Smart Dubai’s presentation on the project:

What are your thoughts on Dubai’s transformation? Let us know at BCN’s official Facebook page!

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