Dubai’s Block Chain Market Value To Continue To Grow In Coming Years

Dubai’s Block Chain Market Value To Continue To Grow In Coming Years

Even though block chain technology is fairly new– as it is only eight years old– but it has already carved out a niche for itself. Dubai, which is known for adopting technological advancements quicker than many of its peers, has implemented this technology in the latter half of 2016. 

Currently, the market value of block chain technologies is estimated to grow at an exponential rate in the forthcoming years. It is projected to grow from DH 35 million to an impressive DH 437 million during the next five years; this is nearly one per cent of the global market value.

Related: Why You Should Consider Upgrading Your Business with Blockchain?

Furthermore, in 2018, Dubai’s block chain market grew by 24 per cent. This figure surpassed the global average of 19 per cent that in itself is an amazing feat. 

It is not surprising at all why Dubai did so well compared to its international counterparts as 114 out of Eight thousand global block chain enterprises have their base of operations in Dubai! And this is all thanks to the Dubai BlockChain Strategy 2020 that has bestowed this economic windfall upon the UAE. 

The director-general of the Smart Dubai Department, Dr Aisha Bishr said on the success of the Dubai 2020 initiative:

We had accomplished what we set out to achieve when we first decided on shaping Dubai into the first of its kind block chain ecosystem. To fulfil our promise, we have worked together closely with both the private and the public sectors.

Because we know that block chain cannot solve everything and we should choose wisely where its application will be successful and where it will be pointless. That is what we have done here, and the results speak of our triumph.

The Dubai government plans on speeding up their smart city transformation this year, moving ahead with the same dedication that they have shown always. They plan to complete this project in time for the UAE’s 50th Anniversary, where the government plans on launching their next initiative called the ‘2020: Towards the Next 50’.

The UAE managed to launch the Dubai BlockChain Platform in collaboration with IBM to allow swift development of use cases. This manoeuvre helped in them saving millions that they would require to build the needed infrastructure.

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