It’s no secret that the United Arab Emirates, along with Switzerland, Singapore and many other countries, is one of the most promising technologies in the world, with the power in the Middle East promoting the use of blockchain in almost every conceivable sector, starting with energy to deliver media.
To help the country in its implementation work, the UAE Government has launched two broad and thoughtful initiatives – UAE Blockchain Strategy 2021 and Dubai Blockchain Strategy. While the former aims to popularize the use of blockchain technology to facilitate more than 50% of all public transactions by 2021, the latter will help Dubai become the world’s first city completely powered by blockchain.
In addition, the Dubai Future Foundation, backed by Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the United Arab Emirates and ruler of Dubai, recently created the Global Blockchain Council to help stimulate research and the realistic application of blockchain technology in this area. . world. A group of financial and non-financial sectors in the country.
The board currently has 46 members, including government agencies, international players, leading local banks and technology companies from around the world.
Where are the United Arab Emirates?
Regarding a comprehensive overview of the UAE’s digital currencies, Hadi Malaeb, CEO of AgoraGroup, a company that aims to facilitate international trade, told Cointelegraph that in his view, the UAE’s administrative system is most responsive to the crypto industry. in the MENA region. … This is one of the most progressive regions in the world.
To clarify his point, he highlighted that the United Arab Emirates Securities and Commodities Authority recently published SCA Board Decision No. (21 / RM) 2020, which gives local companies and digital asset holders further details about the future. … prospects for regulation of cryptoassets. Added field:
“I can tell you from my own experience that the industry has changed enormously in a very short time in terms of investment, regulation and implementation.”
Business acceptance is increasing
While most countries in the world are just beginning to become familiar with the critical and technological proposition of blockchain and cryptography, the United Arab Emirates has already embarked on a series of projects that could change the country’s landscape over the next decade.
For example, the UAE Roads and Transport Authority is currently working on a project aimed at creating a fully automated vehicle life cycle management system using an advanced blockchain structure. In short, the ultimate platform will create a network of manufacturers, dealers, regulators, insurance companies, buyers, sellers and car services, thus creating a detailed overview of each vehicle throughout its life cycle.
On this topic, Khaled Al-Kalbani, CEO of Ideaology, an open source project built on top of the Ethereum ecosystem, told Cointelegraph that although cryptocurrencies are only small, the UAE is undoubtedly one of them. One of the most advanced in the use of blockchain and its applications, adding:
The United Arab Emirates is, as always, full of blockchain, digital assets and cryptocurrency-related news – for example, our central bank uses DLT to finance SMEs and trade finance. Abu Dhabi Global Market (ADGM) creates an excellent basis for using / trading cryptocurrencies , and they believe that this technology will help the economy, companies and investors. ”
Known utility cases
In this context, researchers from Khalifa University in the United Arab Emirates have recently developed digital immunity passports using blockchain technology. The passport, which will be presented as a smartphone application, will be a digital document that describes the innate risks that a person is exposed to due to the spread of COVID-19. In addition, the passport will also contain details such as reports of previous negative tests, vaccination information, etc.
The screen can be useful in places with a high risk of transmission, such as sporting events, live concerts, cinemas or shopping malls. Not only that, but it can also help the travel industry tremendously, as it can simplify the screening process for people at high risk.
Etisalat, a UAE-based telecommunications company, recently announced the launch of a new blockchain platform that will enable the company to carry out all its HR activities in a decentralized and transparent manner. Furthermore, Etisalat’s Smiles program has launched the first program in the United Arab Emirates.