Blockchain technology is being viewed as revolutionary as the internet. The Blockchain is essentially a distributed database of records or public ledger of all transactions or digital events that have been executed and shared among participating parties. The impact of Blockchain is that you no longer have to trust a third party because you trust the system.
The Economist Magazine in one of its articles compared the Blockchain to one of the most innovative ideas in the past 200 years. Some call it the internet of money, the trust machine, or the internet of value. We will be able to transmit value the same way we transmit information through a globally distributed database.
It is estimated that the market value of Blockchain will reach $290 billion by 2019. Already by 2016 approximately $1 billion worth of investments were made in the Blockchain. All time venture capital investment in Bitcoin and Blockchain is expected to reach $1.08 trillion.
Many governments, technology players, and businesses are starting to jump on the Blockchain wagon. One of the most prominent has been Dubai. In October 2016 the crown Prince of Dubai and Chairman of Executive Council, Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum announced that by 2020 100% of government documents will be on Blockchain saving 25,000 Co2 emissions and creating 1000 new jobs. The objective is to become the first Blockchain powered city. Dubai’s Blockchain strategy is based on 3 pillars, government efficiency, industry creation, and international thought leadership. The Dubai Blockchain strategy and implementation is a collaborative effort between Smart Dubai office and the Dubai Future Foundation.
“UNLOCK” The Blockchain Forum
In light of both the magnitude of the Blockchain and its effect on the global landscape economic and otherwise, as well as the leading role that Dubai is taking on when it comes to implementing and building the Blockchain ecosystem, Al Iktissad Wal Aamal in partnership with Smart Dubai will be launching the UNLOCK Forum between January 14th-15th 2018 at Ritz Carlton Hotel DIFC.
The forum will discuss how governments and private institutions in the MENA region can use blockchain applications to create a more efficient, competitive, smart government, smart economy and reinvent businesses. The implications of blockchain on the future of jobs, governments, as well as the governance model needed to regulate it. The event will also discuss how we can create an innovative entrepreneurial setup for encouraging startups in the blockchain domain. Finally the Forum will review the achievements of Dubai Government in implementing and piloting Blockchain solutions as well as their future plans.
The event will feature international well renowned experts and speakers on Blockchain covering different sectors, topics and strategies. It will also include home grown Blockchain companies in Dubai and elsewhere.