Dubai is taking quick steps to become the first government to make full implementation of the Blockchain Technology by 2020 in all its actions.
Blockchain is the underlying technology behind the world’s first decentralized cryptocurrency i.e., Bitcoin.
According to Dan Frankel a Blockchain City Adviser at ConsenSys, even private companies who stand a chance of gaining from this synergy are gearing up to claim their first mover advantage. Companies who shall make use of this technology at its nascent stage are sure to reap outstanding benefits which shall give them an edge above their competitors and peers.
According to Ahmad Almulla, the chairman of CIOMajlis, Dubai never fails to get accustomed with the changing technology trends. And with its 2020 goal in place, all the government officials are working in unison to build up skilled manpower for answering the object oriented development and programming needs.
The ConsenSys Academy will be set up to impart online Blockchain training program to prepare developers for entering into this field which is sure to open numerous employment vacancies in years to come. After completing the online graduation course, students will be handed over their certificate and will be offered a job in this dynamic Blockchain initiative.
Dubai’s blockchain strategy was launched by its crown prince which will focus on evaluating and exploring the newest technology innovations which will pave the path for efficient, seamless, safe and impactful user experience. Once the Blockchain technology gets harmonised with the operations, AED 5.5 billion can be saved annually in the document processing sector itself.
IBM has been appointed as the Lead Strategic Partner of the government backed project which will also have ConsenSys in its advisory wing.
Blockchain implementation can remove costs associated with manual processing, intermediary dealing, processing errors and re-work thus garnering savings of around 75%. Blockchain can also mould major markets by reducing fraud, infrastructure costs and fees thus zooming up its share value at an unparalleled rate.
(To read latest use cases of Blockchain Technology all over the world, click here)
Technology, consumer and industrial products, financial services, media, energy resources, real estate and telecommunication will be first brought under the Blockchain purview.
On a global scale, it is expected that the size of blockchain market will pump to $2.3 billion by 2021 in comparison to $210 million in 2016.
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