City of the future, Dubai blockchain plans set to change the game
Dubai doesn’t do things like anyone else: everywhere else Uber is a car, in Dubai it’s a helicopter, normal buildings are made of bricks but in Dubai sometimes they’re printed, and now, we’ve heard of Dubai blockchain plans to move all transactions to a blockchain. Unlike other governments that are sceptical of cryptocurrencies built on blockchains, Dubai blockchain plans are extensive and ambitious.
Forbes writes, Dubai’s ambition is “to become the world’s first blockchain-powered government.” The plans are set to include visas, license renewals, bill payments and real estate transactions. Not only are the plans an extension of their existing focus on future proofing the nation but initial estimates indicate that fiscal saves are likely to in the billions.
Smart Dubai, an organization hired to conduct some more research into the area to understand the best uses of blockchain for the government has done some initial analysis of the potential savings: “the strategy could save 25.1 million man hours, or $1.5 billion in savings per year for the emirate.”
Additional to the savings in time and money are the benefits of a blockchain being fixed and unchangeable meaning forgery will be significantly more difficult, if not impossible.
The government’s real estate department, Dubai Land Department (DLD), launched a system built on blockchain earlier this year to better regulate and track real estate payments. The plan is to connect homeowners to their tenants via the bills of the property. Plus, the blockchain will provide an electronic record of real estate contracts and help provide a more secure system to record financial transactions.
The DLD’s system is testing the water for a wider rollout. Sultan Butti bin Mejren, director general of DLD, said: “Our aim is to unite all real estate and department services on a single platform. This initiative is still in a stage of infancy. In the near future, we will see many partners joining blockchain to improve their client services, including banking, mortgages, and utilities and maintenance operations.”