Not that I've heard, but how could they NOT be? With all the tech going into Dubai and UAE, from autonomous flying taxis to IoT smart cities...
Blockchain & Dubai -->
Dubai Goes Blockchain to Become Fintech Hub for The East
https://cointelegraph.com/news/dubai-goes-blockchain-to-become-fintech-hub-for-the-eastHaving discovered and bought Bitcoin in the early 2010s, I initially had a hard time convincing my peers in the Middle East about the benefits of the underlying technology. Even harder was finding a way to buy Bitcoin if you lived in a region where people at the time were predominantly underbanked and dealt almost strictly with cash transactions.
Any discussion with those who worked in the financial industry ended up with hyperbolic accusations of Bitcoin being a currency for sex-trafficking on the deep web, and Blockchain being nothing more than a vaporware hype.
Today, I ironically see that the Middle Eastern Blockchain ecosystem is a completely different story. The same people working in the financial sector that joked about Blockchain being a fad are now propping it as the future of finance.
For example, Dubai’s endeavor to become the world’s first Blockchain city has picked up serious momentum halfway through 2017, and as with everything else “Dubai,” the UAE city-state is doing it in the flashiest way possible.
Fintech ambitions
Just hours ago, the Dubai Financial Services Authority (DFSA) and the Securities and Futures Commission (SFC) in Hong Kong cemented an agreement on fintech cooperation between the two authorities, with the intention to pave the path for startups in the MENA and East Asian markets. In a press release, Mr. Ian Johnston, the Chief executive of the DFSA, said that providing a regime that “fosters innovation in the Dubai International Financial Centre (DIFC) is a strategic priority.”
This agreement with Hong Kong’s SFC is the newest step in setting the foundations for fintech in Dubai, subsequent to the recent inauguration of the FinTech Hive in Dubai’s financial hub.
This fintech accelerator was created with the intention of connecting technology innovators and startups with a network of regional and international financial leaders such as the Abu Dhabi Islamic Bank, HSBC, VISA, as well as governmental Islamic Financial development organizations.
New euphoria
Over the years, Cointelegraph reported on several crypto-related Middle Eastern startups, ICOs and exchanges, but only recently has the interest in Blockchain in Dubai’s governmental and private sector exploded to the euphoria we are currently witnessing. In fact, not a day goes by where I do not read about Blockchain being in the news in Dubai’s newspapers, with a special focus on the developments of Smart Dubai’s Blockchain strategy. There are also several conferences lined up in Dubai before the end of 2017, some of which are about to sell out.
Major projects
This wave of digital innovation comes as part of the government’s plan to become the first Blockchain government by 2020. Some of Dubai’s recent Blockchain ambitions by 2020 include:
Reducing the cost of document processing by billions of dollars through eliminating manual processing of residencies, passport documentation and visas through a partnership with ConsenSys.
Improving governmental operations and Islamic banking by moving inter-governmental paperwork onto the Blockchain through a new local startup called ArabianChain.
Several other Blockchain prototypes are currently being deployed by the Dubai government and the tech giant IBM, using Hyperledger’s Fabric tech.
It is, therefore, safe to say that Dubai no longer views Blockchain as a fad, and will likely be the world’s first in deploying fully functional governmental Blockchain services.
And then there IS this -->
EmCash Is Dubai’s First Official Cryptocurrency
https://futurism.com/emcash-is-dubais-first-official-cryptocurrency/The government of the city of Dubai launched their own blockchain-based cryptocurrency last week. The city’s economy department partnered with one of its subsidiaries called Emcredit Limited and U.K.-based Object Tech Group, Ltd. to create emCash. This new “encrypted digital currency” is a product of partnerships Dubai has cultivated through their Accelerators Initiative and brought under the umbrella of the Dubai Economy Accelerators.
“A digital currency has varied advantages – faster processing, improved delivery time, less complexity and cost, to name a few,” Dubai Economy deputy director general Ali Ibrahim said in a press statement. “It will change the way people live and do business in Dubai, and mark a giant leap for the city in harnessing game-changing innovations to improve ease of business and quality of life.”
Officials claim that emCash uses the latest blockchain technology and works as part of payment system called emWallet. As the city’s credit bureau, Emcredit has made sure that the emWallet handles various types of transactions—from “their daily coffee and children’s school fee to utility charges and money transfers”—with a near-field communication (NFC) support through a smartphone.
The city will also have a shared platform, called Blockchain as a Service, to help Dubai government agencies use blockchain in various projects.
INVESTING IN THE FUTURE
Blockchain’s potential as a decentralized and secure platform for transactions, financial or otherwise, isn’t lost to those with eyes to the future. Dubbed as the “city of the future,” Dubai is certainly one of those, but it isn’t the first to have an “official” cryptocurrency. The launch of the emCash, however, is only a first step.
Dubai has been working on becoming the world’s first economy that’s built on the blockchain, and with it its own cryptocurrency. This is where the city’s efforts differ, and could potentially influence economies through the entire United Arab Emirates (UAE). “Obtaining approvals from other UAE authorities will be taken into consideration if required,” Ibrahim said.
The Wall Street Journal reports that Smart Dubai, the government office responsible for encouraging innovation in the country, will be conducting government and private organization workshops over the next few months to identify those services best enhanced by blockchain. After that, the office expects that pilot projects in both the public and private sectors will begin rolling out this year.
“The fast paced environment and incredible willingness to adopt innovative technology has made Dubai the perfect place for us to do business,” said Muna Al Qassab, CEO of Emcredit Limited, in the city’s press release. “This project is a great example of the ambition we have met here, together we are essentially creating a whole new economic ecosystem.”
Disclaimer: The Dubai Future Foundation works in collaboration with Futurism and is one of our sponsors.
