Future Blockchain Summit – Dubai
Blockchain is a digital ledger in which transactions made in bitcoin or other cryptocurrency are recorded chronologically and publicly.
The Dubai Blockchain Strategy was launched by H. H. Sheikh Hamdan, to collaborate between the Smart Dubai Office and the Dubai Future Foundation to explore and evaluate the latest technology innovations that demonstrate an opportunity to deliver more seamless, and impactful city experiences. Future Blockchain Summit was organized to create awareness and attract the international investors towards an evolving sector in the the Middle East & Africa (MEA) region which experts suggest will grow to nearly Dh 300 million (USD $81 million) by 2018.
The Future Blockchain Summit concluded at Dubai World Trade Centre between 2 – 3 May 2018. The summit brought together over 7,000 decision makers and visionary technologists from the globe to accelerate Blockchain applications in Dubai. More than 100 exhibitors participated in the event that were primarily local and international start-ups. Experts from around the world shared their in-depth knowledge on this disruptive technology, discussing the real-world applications and opportunities that Blockchain provides across several sectors including education, e-Commerce, Fintech, food & beverage, healthcare, retail, hospitality and tourism.
Future Blockchain Summit – Highlights
The summit offered informative sessions by Global leaders and experts in the industry. The summit also showcased pilot projects and innovative advancements from over 60 government and private organisations.
Prospect Blockchain Solutions – Microsoft
Microsoft showcased possible Blockchain solution implementation in different industries. They displayed “Blockchain on Azure” explaining ‘How is Blockchain transforming the energy industry’. They also showcased the potential to identity applications that might enable banks to provide customers digitally stored identity under ‘Know Your Customer’ theme. Microsoft partners in Gulf Avanza Solutions and Docswallet Digital Locker, explained how Azure cloud helped their Blockchain solutions.
Michael Owen Promotes Digital Celebrity Tokens
Michael Owen, former English footballer, participated in the Blockchain summit by teaming up with Global Crypto Offering Exchange (GCOX). He released his “OWN” Token in the summit addressed the participants of the event.
Insights on Dubai Blockchain Strategy
The Dubai Blockchain Strategy has an established roadmap for the introduction of Blockchain technology in Dubai and the creation of an open platform to share the technology with cities across the globe. The Dubai Blockchain strategy is built on three pillars of government efficiency, industry creation and international leadership.
Under this pillar, the new strategy will contribute to increased government efficiency by enabling a paperless digital layer for all city transactions, supporting Smart Dubai initiatives in the public and private sector.
The second pillar of the Dubai Blockchain Strategy is Industry Creation. The Dubai Blockchain Strategy will introduce a system for enabling citizens and partners to create new businesses using the technology. Under the new strategy, Blockchain will enable thousands of business opportunities in the private sector.
The third pillar of the Dubai Blockchain Strategy is International Leadership. In line with the third pillar, Dubai will open its Blockchain platform for global counterparts to enhance safety, security, convenience for international travellers to Dubai.
Market Outlook – Middle East & Africa (MEA) Blockchain Sector
Dubai has taken several initiatives in experimenting with the application of the Blockchain technology across various government functions to establish the world’s first Blockchain-powered city. These initiatives taken by the government initiatives have made the international technology community take note.
According to the reports published by industry experts spending on Blockchain solutions in the MEA region is set to grow from Dh 142.89 million (USD $38.9 million) spent in 2017 to Dh 298 million (USD $80.8 million) by the close of 2018. Through Blockchain Strategy, Dubai aims to eliminate 100 million annual paper transactions, saving Dh 5.5 billion (USD $1.5 billion) by reducing the document processing.
With major initiatives taken by the government to promote Blockchain in Dubai, the international technology community has shifted its focus towards Dubai and the MEA region. More than 40 per cent of the participants that attended the event were international investors and start-ups. The numbers are expected to increase further in the next summit (April 2019).
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