Dubai itself has looked to position itself at the edge of innovation through recent initiatives. It has announced its future plans to use blockchain technology to move all of the government’s transactions online by the year 2020. In fact, ‘The Smart Dubai Office’ has won an award for its Dubai Blockchain Strategy activity.
Blockchain technology, initially designed as an appropriated database list system behind Bitcoin, has the potential to genuinely disrupt various industries and make processes peer-to-peer, transparent, secure, and proficient. It can be used by several conspicuous elements in the Emirates including healthcare providers, Dubai International Financial Centre and Dubai Multi Commodities Centre.
There are many Bitcoin mobile wallets designed by mobile apps development companies with loads of security features. They work just like an app and enable you to pay effortlessly using your smartphone. The main function of cryptocurrency wallets is to store your digital currency and provide you with a medium to exchange and transfer cryptocurrencies.
Due to Bitcoin’s flow, the total value of its currency has grown at triple-digit rates every year. It is not controlled by any central authority such as banks or governments. Whatever the genuine worth of Bitcoin, as of late it has been blockchain technology that has seen the greater part of investment from banks, governments, and large organizations, because it reduces the risk of fraud. Without a doubt, the future of Blockchain looks bright, and dynamic in a volatile way.
The blockchain technology can be used as a platform to build helpful applications, which can be mended with solutions in the field of retail payments, infrastructure, trade finance and syndicated loans, settlements, capital markets, and consistence activities.
According to a report from Financial Times, six of the largest banks in the world partnered to create a new form of digital cash that would assist in clearing and settling financial transactions over blockchain-based platforms. The Global Blockchain Council includes 32 individuals including government entities and international organizations such as Cisco, SAP, IBM, and Microsoft, and blockchain start-ups, which are aggressively moving on towards a world powered by blockchain technology. In fact, Emirates Islamic Bank has already integrated with Blockchain technology to detect frauds in online transactions.
The UAE government recently announced that central bank of the UAE was working with Saudi Arabia to issue a digital currency based on blockchain that would be accepted in government transactions between the two countries. This appears to be the first time two countries have consented to cooperate on such a system, which Sfeir-Tait said was “unique, and an excellent initiative for distributed leger technology”.
“Both Saudi Arabia and the UAE have made open commitments leverage blockchain technology as a major aspect of their strategy for the future. So, it is true that they are adopting a proactive strategy to explore the use of cryptocurrencies,” Lobrano said.
In 2016, an innovation centre, Dubai’s Museum of the Future announced the formation of research group focused on blockchain technology. UAE is working to set up the nation as a major financial technology player and has just begun to try different things with the potential uses of blockchain in public and private sectors.
International companies, financial specialists foundations, billionaires and even a few governments have influenced it to clear that they will support and begin using blockchain technology as a whole— it gives investors and cryptocurrency holders a huge confidence boost.
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