Dubai to Use Blockchain Technology for 50% of Its Transactions by 2021

Dubai to Use Blockchain Technology for 50% of Its Transactions by 2021

James McQuillan
  • Over half of Dubai’s banking transactions are set to be made using blockchain technology by 2021
  • Incorportating blockchain technology is an integral part of Dubai's 'Smart City' project

It's expected that Dubai, the capital of the United Arab Emirates, will see half of all its banking transactions be made using blockchain technology by 2021. This according to the UAE’s ruler, Sheikh Mohammed bin Rashid Al Maktoum.

The Sheikh has stated his intention to bring the Emirates into the 21st century. This news comes as the Emirates undergo a drastic policy of technological modernization called 'Smart Dubai'.

Major names in the cryptocurrency sphere attended a cryptocurrency forum in Dubai. The event involved the discussion of the future applications for cryptocurrency and blockchain within the modern world.

Far from being opposed to the application of blockchain technology, major names in banking are rapidly embracing the innovation. According to major figures there, it's an inevitability, with companies split between opposing or embracing it.

"No one has a choice I think, no one should ignore this industry... Customers, suppliers and shareholders are going to be linked through a common system. This business and this technology are going to do away with banking.”

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Dubai’s project plans to use blockchain technology on all of its layers, from its government, to public and banking transactions. The takeover of blockchain within the world of transactions is not restricted to just impact on banking. According to Gulf Business in April, more than half of governmental transactions will be made through blockchain by 2021 as well.