• Latest
Dubai’s Government Taking Global Lead On Blockchain and Crypto Support

Dubai’s Government Taking Global Lead On Blockchain and Crypto Support

October 21, 2018
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Alt Coin

Dubai’s Government Taking Global Lead On Blockchain and Crypto Support

coinnewsdaily by coinnewsdaily
October 21, 2018
in Alt Coin
0
Dubai’s Government Taking Global Lead On Blockchain and Crypto Support
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022

Governments across the globe are known to be wary of crypto adoption, and many are openly hostile to all things blockchain. One notable exception is that of Dubai, which is taking bold steps into the crypto space, and is embracing blockchain technology for a number of its institutions. The small Arab emirate has a recent track record of innovation in many areas of technology and business, and this new move could position it to be a global leader in the emerging field of distributed ledgers.

Dubai has announced that it will soon enable the use of emCash, the nation’s official cryptocurrency. The platform has been developed via a partnership with IBM’s Hyperledger and will be a digital version of the country’s fiat, known as the Dirham. Residents will have access to an app, known emPay, which they will be able to use at merchants via PundiX terminals.

The use of digital currency, however, is only one part of a much more ambitious plan to implement blockchain across many different government agencies and public departments. Known as the “Dubai Blockchain Strategy,” the system is expected to launch by 2020 and will link millions of records in areas such as utilities, customs, and property management. By using a blockchain for these processes, the Dubai government expects to save more than 5.5 billion Dirham (1.5 Billion USD) per year, as well as 25 million man hours of labor.

The government has also announced that its blockchain system will be an open platform, enabling other nations to learn from it. Dubai is also creating the “Smart Cities Global Network,” which it claims will enable cities from around the world to become interconnected across many sectors. Blockchain is expected to be a key technology used in this initiative.

Although Dubai’s embrace of blockchain is laudable, there are reasons to be concerned about its implementation and effectiveness. Notably, the government will not be using a permissionless platform. Rather, it is a permissioned system, which will enable the authorities to retain full control of all nodes.. Also, the state crypto will not be independent from the central bank, and thus will retain all characteristics of its fiat counterpart. In other words, Dubai is not creating a cryptocurrency in the true sense of the word, nor is it building a distributed ledger platform as envisioned by most blockchain advocates.

It is certainly possible that over time Dubai will find the need to transition into a permissionless platform. Also, like people around the world, citizens of Dubai are adopting true cryptocurrencies, with or without a digital version of their own fiat. Thus, regardless of its drawbacks, Dubai’s platform is likely to substantially improve its bureaucratic efficiency, and provide a real-world model for blockchain’s potential. In that sense, it should be considered a respectable first step in bringing the technology into government services.

Tags: Alt CoinAltcoinbankblockchain technologyDubaiIBMproperty management
Share76Tweet48
Previous Post

What China’s Cashless Revolution Can Teach the West About Crypto

Next Post

Crypto Markets See Little Movement, Bitcoin Continues to Trade Just Below $6,500

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum
Alt Coin

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
things you should know before investing in nfts
Alt Coin

Things You Should Know Before Investing in NFTs

April 24, 2022
Load More
Next Post
Crypto Markets See Little Movement, Bitcoin Continues to Trade Just Below $6,500

Crypto Markets See Little Movement, Bitcoin Continues to Trade Just Below $6,500

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$19,324.57-0.83%
  • ethereumEthereum(ETH)$1,064.15-1.04%
  • tetherTether(USDT)$1.00-0.01%
  • binancecoinBNB(BNB)$217.75-0.23%
  • cardanoCardano(ADA)$0.4526060.45%
  • rippleXRP(XRP)$0.3154600.49%
  • SolanaSolana(SOL)$33.230.40%
  • dogecoinDogecoin(DOGE)$0.0669970.66%
  • polkadotPolkadot(DOT)$6.820.25%
  • daiDai(DAI)$1.000.08%
  • tronTRON(TRX)$0.0651840.03%
  • Shiba InuShiba Inu(SHIB)$0.0000100.27%
  • leo-tokenLEO Token(LEO)$5.75-3.32%
  • matic-networkPolygon(MATIC)$0.4734281.88%
  • litecoinLitecoin(LTC)$50.38-1.52%
  • FTXFTX(FTT)$24.62-0.99%
  • OKBOKB(OKB)$12.09-1.74%
  • chainlinkChainlink(LINK)$6.170.95%
  • CronosCronos(CRO)$0.113322-0.61%
  • stellarStellar(XLM)$0.108474-2.18%
  • cosmosCosmos Hub(ATOM)$8.130.90%
  • algorandAlgorand(ALGO)$0.307445-0.46%
  • moneroMonero(XMR)$115.982.73%
  • bitcoin-cashBitcoin Cash(BCH)$105.403.20%
  • ethereum-classicEthereum Classic(ETC)$14.801.14%
  • vechainVeChain(VET)$0.0224280.18%
  • tezosTezos(XTZ)$1.466.01%
  • Internet ComputerInternet Computer(ICP)$5.300.11%
  • filecoinFilecoin(FIL)$5.350.13%
  • theta-tokenTheta Network(THETA)$1.190.83%
  • ElrondElrond(EGLD)$50.18-2.61%
  • bitcoin-cash-svBitcoin SV(BSV)$53.452.77%
  • eosEOS(EOS)$0.931.64%
  • paxos-standardPax Dollar(USDP)$1.000.09%
  • makerMaker(MKR)$906.49-1.04%
  • AaveAave(AAVE)$57.05-0.45%
  • iotaIOTA(MIOTA)$0.2678680.67%
  • zcashZcash(ZEC)$53.940.83%
  • huobi-tokenHuobi(HT)$4.33-1.65%
  • basic-attention-tokenBasic Attention(BAT)$0.408138-0.68%
  • neoNEO(NEO)$8.300.30%
  • havvenSynthetix Network(SNX)$2.5614.34%
  • zilliqaZilliqa(ZIL)$0.039015-1.85%
  • wavesWaves(WAVES)$5.21-2.87%
  • nemNEM(XEM)$0.05133333.48%
  • dashDash(DASH)$42.681.84%
  • KusamaKusama(KSM)$48.780.56%
  • PancakeSwapPancakeSwap(CAKE)$3.030.03%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • ethlendAave [OLD](LEND)$4.103.48%
  • CompoundCompound(COMP)$46.92-1.53%
  • qtumQtum(QTUM)$2.800.83%
  • bitcoin-goldBitcoin Gold(BTG)$15.541.73%
  • omisegoOMG Network(OMG)$1.821.45%
  • golemGolem(GLM)$0.227436-2.16%
  • ontologyOntology(ONT)$0.2383471.23%
  • SushiSushi(SUSHI)$0.980.07%
  • yearn-financeyearn.finance(YFI)$5,601.143.00%
  • umaUMA(UMA)$2.52-1.06%
  • digibyteDigiByte(DGB)$0.009205-0.33%
  • UniswapUniswap(UNI)$2.4438.80%
Posting....