Home / Markets News & Opinions / Can Dubai Become the First Blockchain Powered City by 2020?

Can Dubai Become the First Blockchain Powered City by 2020?

Last Updated October 3, 2020 6:15 PM
Alan Wass
Last Updated October 3, 2020 6:15 PM

When we think of Dubai, we think of Arab billionaire lifestyles, 6-star hotels, and awe-inspiring skyscrapers. But did you know that plans are in place to turn Dubai into the first blockchain-powered city by 2020?

The Director-General of Smart Dubai, Dr. Aisha Bint Butti Bin Bishr, believes that city is in prime position to establish itself as a blockchain and crypto epicenter that could become a fully-integrated blockchain smart city in the next couple of years.

Blockchain Smart City in the UAE

Smart Dubai  are the organizers of the Global Blockchain Challenge, which is a blockchain-related competition geared to finding the most innovative blockchain startups from across the world and to entice them to operate in Dubai.

Dr. Aisha Bint Butti Bin Bishr had some very positive words  to say in relation to Dubai’s potential for crypto-related businesses:

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.

Attracting some of the newest and most innovative blockchain startups to Dubai is part of the larger plan called the Dubai Blockchain Strategy 2020.

The plan was initially announced by Smart Dubai and the Dubai Future Foundation earlier this year and is adamant on making Dubai the first ever blockchain-powered city by 2020.

Global Dubai Blockchain Challenge

The next round of the Global Blockchain Challenge will be taking place at the Future Blockchain Summit on April 2-3, 2019, at the Dubai World Trade Center. The competition is a joint collaboration between Smart Dubai and Dubai Future Accelerators (DFA), which is an initiative of the Dubai Future Foundation (DFF).

Successful blockchain-related startups who pass the preliminary stages of the competition will be invited to train in Dubai with the DFA and will receive an introduction to the UAE culture. The three winners of the competition will also get the opportunity to sell and implement their products and services in Dubai. The winner of the competition will receive $20,000 in cash, while second and third place will receive $15,000 and $10,000 respectively.

The 2018 Future Dubai Blockchain Summit attracted over 8,000 attendees, 130 crypto-related startups and over 140 speakers, and this year’s event promises more of the same.

Although it seems unlikely that Dubai will become the first blockchain-powered city by 2020, their ambition and economic might will definitely give them an advantage in their pursuit of blockchain tech innovation.

Featured image from Shutterstock.