Dubai Blockchain Strategy. Dubai is planning to remove middlemen like lawyers, accountants, bankers, immigration officers & govt. officials by year 2020 by adapting to blockchain technology. What will governments look like 5 years from now? Today Dubai announced its plan to be “The World’s first blockchain powered government” with a plan to move 100% on blockchain by 2020: Arabian Chain is moving all Dubai’s government paperwork onto the blockchain, so it doesn’t need lawyers and government departments for verification.
Dubai Blockchain Strategy
ObjectTech is providing digital passports and blockchain security to Dubai International airport to deliver seamless entry and exit from the country. The Dubai Land Department has launched a blockchain system to record all real estate contracts and record all property-related transactions such as rental, utility and telecom bills. In October, Dubai launched emCash, its own cryptocurrency for citizens to pay for all services via digital cash. The country has set up the 46-member Global Blockchain Council, including companies like Microsoft, IBM, and Cisco, to lead the way in the country’s adoption of blockchain technology.
Blockchain smart contracts and cryptocurrency track all transactions that take place with any agreement or transferable asset. That means the end-point of Dubai’s blockchain adoption is that there will be no further need for the middlemen in our day-to-day transactions.
- No more lawyers.
- There would be no need of accountants.
- Banks would have no job.
- Even No more immigration officers needed.
- Last but not the least “No government officials”.
Dubai estimates that by putting its 100 million documents each year onto the blockchain, they will save 25 million man-hours and $1.5 billion in tax dollars. It would also massively shrink the size of the Dubai government. Why would they do that? As Aisha Bin Bishr, Director General of Smart Dubai Office, the country’s department in charge of making Dubai the world’s smartest city says:
“The Dubai government differs from others around the world in that it aims to make Dubai the ‘Happiest City on Earth’. In short, we want to give people back the time they would have otherwise spent on filing paperwork”
Could Dubai’s Blockchain initiative lead to a revolution in happy countries reducing the size and influence of their governments?Could an endpoint be no government at all?
“The Internet is becoming the town square for the global village of tomorrow.” ~ Bill Gates
When asked how he would set up a government on Mars, Elon Musk said the “Most likely the form of government on Mars would be a direct democracy – it would be people voting directly on issues.”
In other words, in this new technological age where the best middleman is no middle man, the best government may be no government at all.” – Roger Hamilton
“Let us go invent tomorrow instead of worrying about what happened yesterday.” ~ Steve Jobs
This is a warning, nay more a death knell for people who have worked for years in middle management jobs or employed with specific skill sets such as lawyers, engineers, etc
We can safely assume that a mass exodus of Indians back from Dubai is not far away.
Hong Kong is also following suit, so is Singapore. It seems we are going back to those days when the maritime trading city-states, like Venice and Genoa and Carthage in ancient days, were the global trendsetters of their days, in trade, commerce, civilization, and culture!!!
Recommended Read What Makes Blockchain So Revolutionary-Complete Guide on Blockchain