Dubai to Transfer 100% of Government Documents on Blockchain by 2020
Dubai has announced the adoption of blockchain technology into governance, expected to be completed by the end of 2020. Blockchain technology is growing beyond mainstream banking and financial sectors. As forecasted, the distributed ledger technology is now being adopted by the governments as well. Leading the initiative is the Government of United Arab Emirates, particularly Dubai. According to reports, the financial capital of UAE, Dubai will soon be using blockchain technology for all government documents. The implementation is expected to be completed by the year 2020. The government’s....
In a significant endorsement of blockchain technology, the underlying innovation of bitcoin, the Dubai government will see of its documents on a blockchain.
The government of Dubai will see all of its documents on a blockchain by the year 2020. The announcement was made via the Dubai Media Office’s official social media account, citing Hamdan bin Mohammed, the hereditary Prince to the crown of Dubai.
Furthermore, the Prince revealed that Dubai will also be executing all its transactions on a blockchain by 2020, as a part of a new program called the “Dubai Blockchain....
Bitcoin wallet and block explorer resource Blockchain has been revealed as a Government of Dubai partner in the latter’s goal toward switching all government documents and transactions over a blockchain by the year 2020.
Speaking at the World Economic Forum this week in Davos, Switzerland, Blockchain CEO Peter Smith also revealed plans for expanding the company to gain a presence in the Middle East.
As reported by regional English publication The National, Smith stated:
I am very optimistic about the Middle East and we plan to invest big there. I’m really excited about it.....
The Crown Prince of Dubai announced a strategic plan today that would see all government documents secured on a blockchain by 2020.
Revealed at an event hosted by the Dubai Future Foundation and the Smart Dubai Office, the final goal of the government-led initiative is to open the blockchain platform to other cities around the world.
In remarks, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum explained the effort is part of a larger bid by the emirate, one of seven in the larger UAE, to set the "standard" for smart cities.
He said:
"The emirate is building on that....
The Smart Dubai Office, a government-backed initiative led by the Crown Prince of Dubai has partnered a FinTech specialist firm to implement a citywide payments platform based on blockchain technology.
The government initiative has entered a memorandum of understanding (MoU) with FinTech consulting and development firm Avanza Solutions, signed in the presence of Hamdan bin Mohammed, the hereditary Prince to the crown of Dubai.
Announced by Avanza quietly last week, the sweeping citywide project planned by the Smart Dubai Office will see a rollout of the blockchain payments platform to....
Loyyal, a New York-based blockchain-based loyalty and rewards platform, has snagged a contract with Dubai Holding, a multinational investment conglomerate. The partnership is a part of the Dubai Future Accelerators program, the government-supported accelerator program that has notably pinned blockchain technology front and center.
According to the announcement, the tie-up will see a blockchain pilot deployed toward loyalty programs in both business-to-customer (B2C) and corporate (B2B) propositions of Dubai Holding. Loyyal’s proprietary blockchain and smart contract solutions....
Quotes
To be clear, virtual currency is not necessarily synonymous with anonymity. A convertible virtual currency with appropriate anti-money laundering and know-your-customer controls, as required by U.S. law, can safeguard its system from exploitation by criminals and terrorists in the same way any other money services business could. As virtual currency systems develop, it is imperative to law enforcement interests that those systems comply with applicable anti-money laundering and know-your-customer controls.
Mythili Raman, Assistant attorney general at the Justice Department
