Dubai itself has looked to position itself at the cutting edge of the innovation through recent initiatives. It has announced plan to use blockchain to move all of the government's transactions online using blockchain tech by the year 2020. The Smart Dubai Office has won award for its Dubai Blockchain Strategy activity.
Blockchain, initially designed as an appropriated database list system behind bitcoin, has the potential to genuinely disturb various industries and make processes more popularity based, transparent, secure, and proficient. It can be used by several conspicuous elements in the emirate including healthcare providers, Dubai International Financial Centre and Dubai Multi Commodities Centre.
There is a lot of bitcoin mobile wallets designed by mobile app development companies with load of security features. They work like an app and give you the possibility to pay directly from your phone. The main function of bitcoin wallet is to keep secret digital keys that give you access to the Bitcoin address and clearly your cash.
Due to Bitcoin’s flow, the total value of its currency has grown at triple-digit rates every year. It is not controlled by any central authority such as a bank or government. Whatever the genuine worth of bitcoin, as of late it has been blockchain technology that has seen the greater part of investment from banks, governments, and large organizations, because it reduces the risk of fraud. Without a doubt is not the limit, blockchain's future looks bright and tremendous.
The blockchain technology can have numerous helpful applications, incorporating into retail payments infrastructure, trade finance and syndicated loans, settlements, capital markets, and consistence activities, for example, Know Your Customer (KYC) profiting both the financial sector and consumers, as per recent report from Booz Allen Hamilton.
According to report from Financial Times, six of the largest banks in the world had partnered to create a new form of digital cash that would assist in clearing and settling financial transactions over blockchain. The Global Blockchain Council includes 32 individuals including government entities, for example, the Smart Dubai Office, international organizations such as Cisco, SAP, IBM, and Microsoft, and blockchain start-ups. Progressively, banks are looking at way to fuse blockchain innovation in to their operations.
The UAE government recently announced that central bank of the UAE was working with Saudi Arabia to issue a digital currency based on blockchain that would be accepted in government transactions between the two countries. This appears to be the first time two countries have consented to cooperate on such a system, however, which Sfeir-Tait said was “unique, and an excellent initiative for distributed leger technology”
"Both Saudi Arabia and the UAE have made extremely public commitments to regarding holding onto innovation as a major aspect of their strategy for the future, so it's correct they are adopting a proactive strategy to exploring the use of cryptocurrencies," Lobrano included.
In 2016, an innovation centre, Dubai’s Museum of the Future announced the formation of research group focused on blockchain technology. UAE is working to set up the nation as a major financial technology player and has just begun to try different things with the potential uses of blockchain in public and private sectors.
International companies, financial specialists foundations, billionaires and even a few governments have influenced it to clear that they will support and begin using blockchain technology as a whole— it gives investors and cryptocurrency holders a huge confidence boost.
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Blockchain implementation is on pace to build technological solutions.
How would the COVID-19 scenario be handled if the world is enriched with blockchain solutions?
