Dubai’s Blockchain market grew by 24 percent surpassing global average
24 blockchain use cases are being implemented across 8 industry sectors
- Smart Dubai announced that it has implemented 24 Blockchain use cases across 8 industries in Dubai, in addition to the launch of the Dubai Blockchain platform and the Dubai Blockchain policy. “We, at the Smart Dubai Department, have worked with our government and private sector partners on developing a series of Blockchain use cases across multiple sectors, in line with our mission to embrace advanced technologies and make Dubai the happiest and smartest city in the world,” said Her Excellency Dr. Aisha Bint Butti Bin Bishr, Director General, Smart Dubai Department. “We look forward to multiplying our smart city transformation efforts this year, powering forward with more dedication as we mark the Year of Preparation for the UAE’s 50th Anniversary ‘2020: Towards the Next 50’, announced by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai.”
In a detailed presentation, the Smart Dubai Department team explained that the Dubai Blockchain Strategy relies on three main pillars: Government Efficiency, Industry Creation, and International Leadership. Under Government Efficiency, the Strategy led to the launch of numerous use cases, a joint Blockchain Platform, and the Dubai Blockchain Policy. Government and the private sector entities are working on 24 Blockchain use cases. The use cases span eight sectors, namely, finance, education, real estate, tourism, commerce, health, transportation, and security.
Furthermore, the shared Dubai Blockchain Platform was launched in partnership with IBM to allow government entities to develop use cases without investing in individual infrastructure. Additionally, the Dubai Future Council for Blockchain, which is also chaired by H.E. Dr. Aisha Bint Butti Bin Bishr, launched the Dubai Blockchain Policy at the internationally renowned Smart City Expo and World Congress in Barcelona in November 2019. The Dubai Blockchain Policy is a Blockchain implementation manual detailing all of Smart Dubai’s cumulative Blockchain learnings, and is freely available on the Smart Dubai website as part of the entity’s knowledge sharing efforts with the globe.
In addition Smart Dubai announced that Dubai is now home to over 100 Blockchain businesses, the Industry Creation portion of the presentation revealed. Dubai’s Blockchain market grew by 24% in 2018, surpassing the global average of 19%.
Furthermore, the team looked back at the third annual Global Blockchain Challenge, which Smart Dubai concluded in April of 2019. The 2019 competition received over 700 applications from 79 countries around the world – a ten-fold growth compared to the 100 application submissions received in the first edition in 2017. The Challenge is part of the Future Blockchain Summit, organised by Smart Dubai to host internationally acclaimed experts, scientists, and decision makers to investigate an array of Blockchain topics, from investments and regulations, to start-ups and disruption. The 2019 Summit welcomed approximately 10,000 participants – the largest-ever audience at a Blockchain event anywhere in the world.
In the last segment of the presentation – International Leadership – the team looked back at major Blockchain successes that placed Dubai firmly in the global spotlight, from winning the ‘First Smart City on the Blockchain’ award in the Barcelona Smart City Expo and dominating international headlines as the ‘World Capital of Blockchain’, to publishing reports in collaboration with global organisations including the United Nations and the World Economic Forum.
Smart Dubai also revealed that the Dubai Blockchain Strategy has played a key role in encouraging international Blockchain and Fintech firms, such as Atlas Capital, to host the Blockexpo and World Blockchain Summit 2020 in Dubai during the Expo 2020 Dubai. Atlas Capital has also committed to establishing a Blockchain Campus as part of the District 2020 site.