It is no secret that the UAE, along with Switzerland, Singapore and a number of other countries, is one of the most technologically advanced-thinking countries in the world, and the powerhouse in the Middle East is encouraging the use of blockchain in nearly every sector imaginable. Energy to get it to the media.
To assist the country in its implementation efforts, the UAE government has taken two comprehensive and well-thought-out measures – the UAE Blockchain Strategy 2021 and the Dubai Blockchain Strategy. While the former aims to popularize the use of blockchain technology to facilitate more than 50% of all public transactions by 2021, the latter will help Dubai become the first city in the world to fully use the blockchain.
In addition, the Dubai Future Foundation, with the support of Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the United Arab Emirates and Ruler of Dubai, recently established the Global Blockchain Council to help stimulate research and realistic applications of blockchain technology in a number of countries. From countries. Financial and non-financial sectors in the country.
The board currently has 46 members, including government agencies, international organizations, leading local banks and technology companies from around the world.
Where is the United Arab Emirates?
Regarding a comprehensive look at cryptocurrency in the UAE, Hadi Malaeb, CEO of AgoraGroup – a company that aims to facilitate international trade – told Cointelegraph that, in his opinion, the UAE’s administrative system is the most sensitive to the crypto industry in the UAE United Arab. The Middle East and North Africa region is one of the most developed regions in the world.
To prove his point, he highlighted that the UAE Securities and Commodities Authority recently issued the Authority’s Chairman’s Decision of 2020 (21 / RM), which gives local companies and digital asset holders a more detailed look at regulation. Crypto assets. Pitches added:
“I can tell you from my own experience that the industry has changed dramatically in a very short time thanks to investment, adoption, and organizational thinking.”
Business acceptance is increasing
While most of the world is just starting to become familiar with the monetary and technological offerings of blockchain and crypto technologies, the UAE has already launched a number of projects that could change the country’s landscape in the next decade or so.
For example, the Roads and Transport Authority of the United Arab Emirates is currently working on a project that aims to create a fully automated vehicle life cycle management system using an advanced blockchain architecture. In short, the ultimate platform will create a network of manufacturers, dealers, regulators, insurers, buyers, sellers, and garages, thus creating a detailed view of each vehicle throughout its life cycle.
In this regard, Khaled Al-Kalbani, CEO of Ideology, an open-source project built on the Ethereum ecosystem, told Cointelegraph that while the challenges associated with cryptocurrencies are not high at the moment, the UAE is undoubtedly among the most advanced. In use. blockchain and applications he adds:
“ The UAE, as always, is full of blockchain, digital assets and cryptocurrency news – it is worth noting that our central bank uses DLT technology for SMEs and trade finance. Abu Dhabi Global Market (ADGM) creates an excellent basis for using / trading cryptocurrencies where they believe This technology will help the economy, business and investors. ”
Notable use cases
Hence, researchers associated with Khalifa University in the United Arab Emirates recently developed digital immunity passports using blockchain technology. The passport, which was introduced as a smartphone application, will be a digital document describing the inherent risks in the spread of COVID-19 among humans. In addition to that, the passport will also include details such as previous negative test reports, vaccination information, etc.
The show has the potential to prove its value in high-risk transportation environments such as sporting events, live concerts, cinemas or malls. Not only that, but it could be of great help to the travel industry as it could make screening easier for people at high risk.
Etisalat, the telecom services provider in the emirate, recently announced the launch of a new blockchain platform that will enable the company to conduct all human resource activities in a decentralized and transparent manner. Additionally, Etisalat’s Smiles customer engagement program launched the first blockchain-based rewards exchange program in the United Arab Emirates.