Dubai Government Greenlights Citywide Blockchain Payments System
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 all....
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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 Strategy.” Under the....
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....
The Ethereum development startup ConsenSys has released a new white paper for its projects in Dubai at the city’s World Government Summit. The paper, titled “Blockchain, Hyperconnectivity and the City of the Future,” details new plans for innovation focusing on smart cities and the Internet of Things. "We are thrilled to see Dubai emerge as a home for fast forward, broad focus Blockchain innovation and are looking forward to ongoing opportunities to work with Dubai government and corporates toward accomplishing many ambitious goals,” ConsenSys founder Joseph Lubin told the....
Dubai's immigration agency is seeking a blockchain startup to develop a system that will cut illegal residency in the country. As part of the second round of The Dubai Future Accelerator, the largest government-supported accelerator, the General Directorate of Residency and Foreign Affairs has put out a call for blockchain companies to apply to take the effort forward. The agency is hoping to reduce illegal resident entry by 50% using an “international blockchain”, according to a 22nd December press release. Other government agencies in Dubai are also looking for technology startups as....
A government-owned entity in Dubai has started accepting bitcoin, ether and tether as payment for its services, according to local media reports. Kiklabb is a free trade zone that helps companies set up shop in Dubai, a wealthy city and emirate in the United Arab Emirates (UAE). Kiklabb issues trade and other licenses as well as processes visas. The entity also leases office space to its customers on-board the Queen Elizabeth 2 cruise liner anchored at Port Rashid in Dubai. Payments for these and other services can now be made in bitcoin (BTC), the Gulf News reported on Feb. 16. Tasawar....