The Dubai Blockchain Strategy, is a result of a collaboration between the Smart Dubai Office and the Dubai Future Foundation launched by Sheikh Hamdan.The Dubai Blockchain Strategy will help Dubai achieve the vision of Sheikh Mohammed bin Rashid Al Maktoum, to create the future of Dubai, and make Dubai the happiest city on earth.
“Adopting Blockchain technology Dubai stands to unlock 5.5 billion dirham in savings annually in document processing alone — equal to the one Burj Khalifa’s worth of value every year.” The Dubai Blockchain Strategy establishes a roadmap for the introduction of Blockchain technology for 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.
EmCash – Dubai’s own Blockchain currency
Dubai’s government is said to develop and implement EmCash, an encrypted Blockchain-powered digital currency that will enable citizens to use in their payment for services. EmCash reduces fraud, as well as inflation, since the currency is issued in real time, based on actual demand.
The digital currency will be developed with a partnership with Emcredit, a subsidiary of Dubai Economy and UK-based Blockchain start-up ‘Object Tech’. Dubai Economy is also the government body responsible in planning and implementing the economic agenda of the emirate of Dubai.
An announcement adds – this digital currency will be based on Blockchain technology that will allow UAE residents to use the digital currency via an EmPay wallet application on their smartphones. The Blockchain deployed “allows for shared ledgers so that control over payments is not limited to any single member in the EmPay ecosystem and transactions are recorded instantaneously,” explained Muna Al Qassab , CEO of Emcredit Ltd.
EmPay will allow UAE residents to make varied payments, through the near field communication (NFC) option in their phones. With the option of a secure digital currency, merchants would also be able to receive such payments in real time without going through intermediaries, saving both time and cost.
“A digital currency has varied advantages – faster processing, improved delivery time, less complexity and cost, to name a few. It will change the way people live and do business in Dubai, and mark a giant leap for the city in harnessing game-changing innovations to improve ease of business and quality of life,” mentioned Ali Ibrahim, Deputy Director General of Dubai Economy.(https://www.huxley.com/en-gb/blog/2018/03/cryptocurrencies-blockchain-and-bitcoin-in-dubai/)