By Jamie Redman,
Dubai‘s leaders are committed to researching and developing blockchain technology. For instance, the Crown Prince of Dubai wants all government documents held in a blockchain by 2020. Now the largest bank in Dubai, Emirates, has partnered with India’s ICICI on a remittance pilot based on distributed ledger protocols.
Crown Prince of Dubai Focused On Blockchain
Dubai is well known for technological progress and its mission for futuristic prosperity. Dubai’s Museum of the Future is a 3D printed meeting area where authorities have been discussing the attributes of blockchain technology. According to officials and the Dubai Future Foundation, Sheikh Mohammed bin Rashid Al Maktoum would like to see all government documentation processed through blockchain protocol by 2020.
This comes after the Crown Prince’s big push towards getting an edge on this technology. Back in August, authorities revealed they would be investing one billion dirhams ($275 million USD) in fintech and blockchain acceleration. Currently, the Dubai Future Accelerators program is working with innovators and executives in order to develop prototypes.
The Region’s Largest Bank Joins Forces With India
Now Emirates, the largest financial institution in Dubai, has collaborated with Indian ICICI to tackle blockchain trade-finance and remittances. The firms said this will be one of the first banking partnerships between the Middle East and India.
Emirates explained banks can create real-time advantages, and significantly cut costs using blockchain tech. This includes near-instantaneous transactions and purchase orders for trade finance executions. The bank has also noticed companies like Microsoft and Bank of America Merrill Lynch building distributed ledger architecture. Additionally, both Emirates and ICICI have stated they will work with India’s Infosys Finacle to trial the technology.
Leaders Believe Dubai’s Technology Will Always Be a Success Story
Saif Al Aleeli, CEO of the Dubai Future Foundation (DFF) says the group’s agenda is to create an institutional framework within the region. DFF wants to maintain Dubai’s role within the world’s technological success story.
The story Al Aleeli details is all about a competitive edge over others. Al Aleeli explains, “for us, the only way to do it is to run faster than others, see our objective before others, and try to create strategies and plans to do so.”
How Dubai Maintains its Edge
The Future Partners organization has many initiatives, including the World Federation of Future Sports and the Future Cities program. Furthermore, in 2018 the Museum of the Future will incorporate technological innovations in transportation, health, education, and smart cities. DFF and the Global Blockchain Council believe distributed ledger technology will be integral to these objectives. Al Aleeli is confident in his country’s technological lead within the global atmosphere stating:
When Dubai does things, we tend to do it right.— It is true that we want to do it first, but we do it right as well.
The country wants to be one of the first to implement blockchain technology and its related applications across the Middle East. It seems the country and its leaders are off to a good start by injecting capital, forming blockchain organizations, and building financial prototypes. Other countries such as Japan, Estonia, and India are on the same mission.