Will Dubai be the first blockchain powered city in 2020?

When we think of Dubai, we believe of Arab billionaire lifestyles, 6-star resorts, and awe-inspiring skyscrapers. But were you aware that programs are set up to turn Dubai into the very first blockchain-powered town by 2020?

The Director-General of Smart Dubai, Dr. Aisha Bint Butti Bin Bishr, considers that town is in prime position to establish itself as a blockchain and crypto epicenter which can develop into a fully-integrated blockchain bright city within another few years.

Blockchain Smart City in the UAE

Smart Dubai will be the organizers of this worldwide Blockchain Challenge, and this will be a blockchain-related contest geared to locating the very advanced blockchain startups from throughout the globe and to lure them to function in Dubai.

Dr. Aisha Bint Butti Bin Bishr had some very optimistic words to state in relation to Dubai’s possibility of crypto-related companies:

Dubai has established itself, and in record time, as a global destination for innovators and entrepreneurs in the Blockchain industry. Guided by the vision of our leadership, the emirate has become synonymous with bravely embracing avant-garde technologies and utilizing them to create an advanced, connected and seamless urban experience for its residents and visitors.

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Attracting some of the most recent and most advanced blockchain startups into Dubai is a part of this bigger plan known as the Dubai Blockchain Strategy 2020.

The strategy was originally declared by Smart Dubai and the Dubai Future Foundation earlier this season and is determined by making Dubai the very first ever blockchain-powered town from 2020.

Global Dubai Blockchain Challenge

The next round of this Worldwide Blockchain Challenge will be Happening in the Future Blockchain Summit on April 2-3, 2019, in the Dubai World Trade Center. The contest is a joint alliance involving Smart Dubai and Dubai Future Accelerators (DFA), which is an initiative of the Dubai Future Foundation (DFF).

Successful blockchain-related startups who pass the preliminary phases of the contest will be encouraged to train in Dubai together with all the DFA and will get an introduction into the UAE culture. The 3 winners of this contest will even get the chance to market and execute their services and products in Dubai. The winner of this contest will get $20,000 in money, whereas the second and third place will get $15,000 and $10,000 respectively.

The 2018 Future Dubai Blockchain Summit attracted over 8,000 attendees, 130 crypto-related startups and more than 140 speakers, also this year’s event promises the same.

Also Read: Overstock will be the first major firm to pay state taxes in Bitcoin

Even though it appears unlikely that Dubai is now the first blockchain-powered town by 2020, their ambition and economic might will give them an edge in their pursuit of blockchain technology invention.

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Increase in Blockchain revolution despite crypto crash

This had been the year cryptocurrencies dropped to the ground — the wreck was so acute that parallels are drawn together with the dot-com bust at the beginning of the millennium.

Bitcoin is down 80 percent from just under $20,000 12 months back to approximately $3,500 in December. Similar drops have been listed by other cryptos like ethereum.

The factors for the bust are well rehearsed: Improved regulatory supervision, particularly from the united states and China, the development of scams connected to a proliferation of cryptocurrencies found via first coin offerings (ICOs), along with disagreements among cryptocurrency’s programmers about how to upgrade the underlying applications.

However, interviewees told that the economy would recover and that, as the dotcom boom went on to make Amazon, so the entire world of cryptocurrencies should not be composed.

Dubai-based investor and entrepreneur, Najam Kidwai, a board-adviser into Fusion.org, a non-profit base that aims to build up blockchain infrastructure for crypto finance, told that innovations had time to grow and cryptocurrencies were not any distinct.

He added:

“Change Has to Be controlled, but if You’re doing

Everything, new technologies needs to improve the user experience, that is the concept of technologies to make life simpler.”

In the meantime, he called, institutional cash will flow into”the crypto area,” even as retail investors take fright. Banks and hedge funds were looking at cryptocurrencies, also constructing compliance and risk infrastructure to encourage trading,” he explained.

Chris Beauchamp, a senior market analyst in London-based IG Group told:

“They (cryptocurrencies) are not doomed, they are simply not likely to change the world immediately. Bitcoin still has the heft to stay a part of the monetary world, but others will likely evaporate or evolve over time, such as the airlines and automobile companies of old”

Regardless of the cryptocurrency crash, many observers concur that blockchain, the technology which underpins the new paths, will continue to spur private and public expenditure, and perhaps nowhere more than at the Gulf.

Here, there are some significant improvements in 2018. Abu Dhabi-headquartered Al Hilal Bank has completed a blockchain-based trade to get an Islamic bond worth $500 million; Abu Dhabi National Oil Company (ADNOC) is collaborating with IBM to pilot a blockchain distribution chain system; and KSA’s central bank has signed a deal with US fintech firm Ripple to conduct a pilot project to assist banks to repay payments with blockchain.

Kidwai stated:

“Cities such as Dubai have bet quite heavily on the blockchain. A good deal of evidence of concept work is happening as Dubai wants paperless authorities, thus there’s an initiative here known as Smart Dubai, driven by the ruler of Dubai. There’s a need for speed and transparency in government”

In its heart, blockchain is a rather simple idea. It is a ledger of cubes of info, like transactions or arrangements, which are saved across a network of computers. This info is saved chronologically, may be looked at by a community of consumers, and isn’t normally handled by a central authority like a lender or a government. Once printed, the data can not be altered.

Also Read: Alex Pack thinks that Bitcoin crossed a major milestone this year

Gartner analyst Rajesh Kandaswamy told that though speculators had poured billions to cryptocurrencies, that did not”invalidate the inherent blockchain tech”.

“Blockchain could enable several parties in a supply chain to socialize with no middleman — and also for many records to be procured in 1 area. That allows for additional streamlining, more efficiency and cost reductions,” stated Kandaswamy.

Abdul Nasser Al Mughairbi, electronic unit director for Abu Dhabi National Oil Company (ADNOC) stated that blockchain will”improve our business processes using a shared, secure and transparent ledger.

“Blockchain is assisting us monitor, irrefutably, each molecule of petroleum, and its worth, in the well to the last client,” he said.

He added:

“Every day you will find big and intricate production and bookkeeping transactions among all our companies…which have to be accounted for. Until now this was a laborious process but the blockchain program we’ve developed is streamlining this in 1 platform.”

Running costs could be cut through”eliminating time-tested and time-consuming processes.”

The blockchain is a game-changer in oil and gas trades, ” he explained.

Despite massive growth in embryonic and pilot projects between blockchain, Gartner’s Kandaswamy stated to his knowledge there was”very few large-scale investments” from blockchain by businesses. True, blockchain become the number one search phrase when people looked in the Gartner site.

But queries were more about fascination surrounding the tech and”not about devoting funds.”

He added: “Our customers are fighting to determine where blockchain would make sense in their small business. After I did a webinar this past year, businesses were stating’lack of company case’ was the number one difficulty. They wanted to understand how blockchain can do things better than other technology already on the market.”

But he stated that there were several exceptional selling points appearing with blockchain. For instance: The capability of different parties within an ecosystem to possess exactly the exact same feeling of evidence, data stored in one point that could not be tampered with.

Surely, blockchain does not seem like going away anytime soon. Walmart recently became among the first merchants to describe the way that it’s going to use the technology. The business stated it would require carrot providers to upload information about their meals to blockchain in a year. Large firms like Accenture, Facebook, Google, IBM, and Microsoft are creating innovative products and services according to blockchain’s digital-ledger open source technologies.

Last month, Amazon stated it might offer blockchain for programmers utilizing its cloud-computing services.

The international market for blockchain-related merchandise and services is approximately $700 million and is estimated to exceed $60 billion yearly in 2024, based on Wintergreen Research.

IBM and Microsoft are major worldwide blockchain growth jobs in 2018, according to Wintergreen.

Kandaswamy reported a distinction ought to be made between a people blockchain program and a personal one. The latter was for internal company procedures, for example, IBM’s program enabling location and monitoring of marine shipments. The bigger battlefield centered on people blockchain.