Dubai Takes Measure to become the World’s First Blockchain-Powered Government
With plans to deploy robot cops, autonomous vehicles and flying taxis taking shape, Dubai dabbed as the ‘city of the future.’ The Emirates territory has already appointed a minister to take charge of Artificial Intelligence. Beyond AI technology, Dubai has plans to integrate the blockchain technology into various sectors of its governance. Dubai plans to have all its visa applications, license renewals and bill payments powered by the blockchain technology by 2020. The revolutionary move will see the more than 100 million documents transacted in the Emirates region conducted on a blockchain.
According to Smart Dubai, an agency that strives to identify areas that can result in improved performance when powered by the blockchain, more than $1.5 billion could be saved every year by adopting the blockchain. Smart Dubai conducts its workshops in both private and government organizations. The agency also notes that Dubai could save up to 25.1 million in working hours, mostly from sectors that decide to go paperless.
Another sector yet disrupted by the blockchain technology is the real estates. Attracted by the blockchain’s incorruptible data security system, the real estate sector has seen potential in the technology. The Dubai Land Department (DLD), which oversees land purchase, the approval of real estate’s trading and other land issues, launched a blockchain powered network in October last year. The system aims to transform how people buy, sell, lease or rent real estates in Dubai. The DLD’s blockchain real estate system also aims to secure real estate financial transactions, record all real estate electronically and link electrical, water and telecommunication billers with homeowners in the blockchain.
According to the director general of DLD, Sultan Butti bin Mejren, Dubai’s integration of the blockchain into the real estate sector will help unite all services in this sector. Although the new project not yet developed, Sultan Butti says that the emirates expect more partners to join the blockchain and help improve client services. Some of the industries Sultan expects to partner with are banks and mortgage-related sectors as well as maintenance operations industries