Dubai to digitize all documents and transactions with Blockchain by 2020
Dubai has long been known as one of the world’s most technically advanced cities, and this is no surprise considering their openness towards adopting new technologies. According to recent reports, it seems like Dubai and the bitcoin wallet and block explorer known by the name of Blockchain are partnering up for an interesting project meant to place all of the city’s government documents and transactions on a blockchain platform.
The process, which is bound to be ready by the year of 2020, will be a huge step forward for the Middle East, but also for Blockchain technology in general. In a recent press statement that took place in Davos, the CEO of Blockchain, Peter Smith mentioned that: ‘I am very optimistic about the Middle East, and we plan to invest big there. I’m really excited about it. It’s a great chance to build a new financial infrastructure in the region’.
While no additional details were given about the project, the possible investment alongside with its value, economic analysts believe that it will be quite large, considering the fact that Dubai can absorb funds extremely fast, and thanks to the fact that there’s a huge potential for development in the region.
The plan of the Dubai Government represents the first of its kind in the world, and it’s likely that Dubai will end up adopting it after all, especially since it’s proving itself to be a great hub for both blockchain and bitcoin-related activities and companies.
While there may be particular regulation issues for the blockchain document project, and for future projects operating similarly, Dubai is likely to overcome all of the issues fairly quickly.
Based on everything that has been outlined so far, what do you personally think about the partnership between Dubai’s Government and the Blockchain company? Let us know your thoughts in the comment section below.
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