The Dubai government has endorsed a new blockchain platform. The platform is the first to attain the Dubai government’s endorsement in the United Arab Emirates (UAE). An IBM cloud environment will run the project under IBM’s mainframe technology, LinuxONE. It will be built locally, which means it will help in ensuring that data resides within the UAE. Nonetheless, it will have to adhere to the Dubai government’s Information Security Regulation (ISR).
The project’s launch comes at a time when numerous governments are pushing and encouraging the use of blockchain. Dubai has previously launched various blockchain applications across sectors such as healthcare, energy, and education.
The Dubai Blockchain platform sets a clear path for the Emirates
Many cities have been reluctant to adopt blockchain technology. However, Dubai has embraced it. The city has been seeking to become a world leader in the industries adopting blockchain for their day-to-day undertakings. That said, it is clear that the Dubai Blockchain Strategy is sending a signal to the Emirates.
There are a lot of expectations for the new project according to the director general of the Smart Dubai Office (SDO). The companies that have overseen its launch have different expertise. Dr. Aisha Bint Butti Bin Bishr, director general of Smart Dubai, says “The Dubai Blockchain Platform we are launching today with IBM – who bring a wealth of insight and expertise in the advanced tech industries – drives us forward in our mission and allows us to power all blockchain applications in the city from one united portal.”
Blockchain is increasingly moving towards becoming a multi-billion market by 2019
It is no longer a secret that blockchain technology has attracted loads of attention from all walks of life. The scenario is similar to the cryptocurrency industry with theft and hacking problems. Nonetheless, all indications are clear that the blockchain market is catching traction thanks to increasing demand. The General Manager of IBM Middle East and Pakistan, Amr Refaat affirms that the new service is indeed in demand especially in smaller organizations.
But is it an added layer of trust and transparency?
The launch of the Dubai Blockchain Platform comes with a lot of questions. One of them is whether or not it will play any role in building trust and transparency. In what seems like an assurance that it will, Refaat explains that government organizations and businesses will not have to worry as much about security and complexity in running their operations. The platform integration will help them to put more focus on the core business.