Historical turn of Dubai from oil to the first Blockchain Government

       
Read Time3 Minutes, 3 Seconds

Less than a few decades ago United Arab Emirates and Dubai, fantastically changed from a dusty and deadly dangerous place to a prosperous and advanced world financial center with its amazing abilities. Nowadays local government made a tipping point decision regarding the technology.

Well-known fact Dubai decisively engaged into high-tech industry, just remember the recent news of its driver free flying taxi and displaying of an example of apparent Robocop model. Dubai gradually taking its leadership in the technological rush and who knows, maybe soon it will be a real sci-fi destination.

The thing, which is truly impresses it’s, that UAE has an incredibly challenging problem of lack of water there, however this country found out not only how to solve this issue, but as to import water to other countries.

 

Past oil legacy

All those tremendous success, which has gained Dubai generally thanks to it great oil reserves. Despite the fact, that this region far away from great to be drilled because of its harsh soil, nevertheless this area became golden in 1966, when geologists found oil after many years of exploration. Implementation of advanced technology of that time helped this country to become a wealth and authoritative.

 

However, all those oil advantages could turn to ashes if the country still exploiting this finite resource, which also considered as one of the reasons of global warming. Since 1966 till 1990 oil accounted GDP reduced from 80-90% to 25, and the government is aimed to reach zero. The driving force for this complex transformation was and still Information and communications technology revolution within the country.

The noticeable date for these transformations was 1999, when Dubai has launched the strategy itself, which was a cause of building by the government a great technological park, which became a free economic zone inside the town named Dubai Internet City. This place accumulated tech expert all over the world and gave a strong push for establishment of a hub, which is a perfect place for formatting of new startups. The success of the first initiative let the city to continue building similar project, the next appeared Dubai Media City and Dubai Science city, interesting fact, that all those places are autonomous.

       

 

Dubai now involved into a number of high-tech fields and making a various products such as smart traffic lights in its roads backed by IoT technology or real estate industry based on blockchain, however it’s just an icing on the cake, because most ambitious projects are in a process.

 

Time to pay attention to blockchain

The endless enthusiasm is a great motive for creation products like possible platform, which will plugin Dubai citizens to its transportation, which will definitely save energy, also in plan bettering of its education system with new affordable online libraries for people. As one of the most peculiar idea is to move the Dubai government  to blockchain, that must hold back the corruption, stimulate transparency and general effectiveness.

Officials and local expert are really interested in founding the first blockchain-backed government not earlier than in 2-3 years. As the proof of decisive actions is the cryptocurrency creation, called emCash, which will be the digital currency in emPay wallet, one the goals of its establishment is bettering of contactless payments, which must increase the speed of transactions.

Dubai’s currency will work based on a seamless payment method elsewhere in the city, saving time and money, increasing effectiveness and security.

Considering all great range of prospective technological ideas, some experts think, that for more of them need about 3-4 years, anyway the most of the projects are exciting and give the hope to witness the new perfect product in the near future.

       
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