Here’s a question for you, what comes to you mind when someone mentions Dubai; is it the tallest building in the world, crazy rich Arabs, Ferraris, camels, Ikea? The stereotypical list goes on and on, but it certainly doesn’t include anything related to blockchain tech. Well, it’s about time that we change our views of Dubai, as plans to transform the city have been set in motion, according to which Dubai will be turned into the first blockchain-powered city by 2020. And that’s actually next year, just by the way.
Dr. Aisha Bint Butti Bin Bishr, who serves as the director general of Smart Dubai, ardently believes in the potential of the city to home the revolutionary technology, and thinks that Dubai is at a prime position to establish and position itself as a blockchain and crypto epicenter, that has the potential to become a smart city, completely integrated with blockchain technology, in the course of a few years.
Smart Dubai, are basically the organizers of the Global Blockchain Challenge, which is a competition related to blockchain. The purpose of holding this competition is to discover some of the most innovative blockchain startups, from all over the world and to invite them to ultimately operate in Dubai.
Dubai has established itself, and in record time, as a global destination for innovators and entrepreneurs in the Blockchain industry. Guided by the vision of our leadership, the emirate has become synonymous with bravely embracing avant-garde technologies and utilizing them to create an advanced, connected and seamless urban experience for its residents and visitors.
Dr. Aisha shared in relation to Dubai and its potential to cater to businesses specifically related to blockchain.
All of the endeavors to attract innovative and new blockchain based startups in the city are actually a part of the bigger picture; which is called the Dubai Blockchain Strategy 2020. Initially, this plan was announced by Smart Dubai and the Dubai Future Foundation, both of which, are resolute on making Dubai the first ever blockchain-powered city.
The Global Dubai Blockchain Challenge
This competition is a joint venture between Smart Dubai and Dubai Future Accelerators (DFA). DFA is actually an initiative itself of the Dubai Future Foundation (DFF). The next round of this global blockchain competition is set to take place later in April, on the 2nd and 3rd respectively, at the Future Blockchain Summit.The startups that emerge successfully from preliminary stages of the competition will have the opportunity to train in Dubai with the DFA. The participants will also receive a candid introduction to the culture of UAE.
The competition has room for three winners, the first place will receive an award of $20,000 in cash, while the second and third place will be awarded with $15,000 and $10,000 respectively. Last year, the 2018 Future Dubai Blockchain Summit attracted over 8,000 attendees, 130 crypto-related startups and over 140 speakers. The 2019 summit promises the same, more or less.
Even though Dubai might be a little too over ambitious with its goal to become the first blockchain-powered city by 2020, it definitely is on the right track. With their ambition and economic potential, the city has an advantage in the pursuit of blockchain tech innovation. Only time will tell, what the future holds for the technology in the land of the Arabs.