Dubai is one of the first cities in the UAE to amp up Digital Security. They plan to adopt the ever-evolving Dubai Blockchain Strategy for this. By 2022, Dubai aims to step up, get digitized and be a paperless city.
Surely, Blockchain, Cryptocurrency, Big Data, and Artificial intelligence can make life much better.
Before diving in further, let’s get a grip on the excitement rolling behind Blockchain strategy.
The Meaning of Blockchain
As the name suggests, data gets stored in blocks and connected with a chain. When data gets structured in a block format; shared within a computer/technological network, we term this Blockchain. This storage medium shares digital databases. Fortunately, this allows secure maintenance of every data transaction.
Important Blockchain Strategy Takeaways
This concept ensures information fidelity.
Blocks with pre-determined storage capacities store information.
When new information comes into the network, it gets filled into a block. Once a block is full or has reached its capacity, it gets sealed. The next block opens, and the process repeats. We link newly filled blocks to the old filled ones.
That is how a chain of blocks gets developed – the Blockchain.
Additionally, up-to-date data record maintenance is possible.
Data transfer without the hassles of third-party interventions is indeed safe.
You can arrange data in an irreversible order and decentralize it. Once a block is complete, it becomes an integral part of the information timeline of the company’s digital network.
No single entity or individual can control the transactions. Hence, nothing can be reversed. Furthermore, such decentralized electronic information systems are immutable.
The Dubai Blockchain Strategy for 2021 and beyond
We know Dubai for its continual technological initiatives. It strives to be a leader in futuristic technological enhancements. The UAE government has envisioned capitalizing on the Dubai Blockchain Strategy towards the end of 2021, and beyond.
Digital Innovations via Blockchain strategy in the UAE
The UAE, particularly Dubai Digital, has been a game-changer for digital innovations. At the Dubai Blockchain Strategy Summit 2021, Notably, His Highness Sheikh Mohammed bin Rashid Al Maktoum aspires Dubai to be the happiest city on earth.
The Blockchain Strategy:
Dubai is gearing up to be Smart Dubai. It envisions being the first blockchain-fueled government.
This showcases their steady technological walkthrough to build this futuristic city.
Paperless transactions, tree conservation, and smart global collaborations are the long-term goals of this innovative strategy plan.
Indeed, experts in Dubai believe blockchain will empower the city to transform into a global leader in technology. In addition, the city will enjoy many merits. For instance, creating smart financial economies, leveraging business opportunities, and strategizing lucrative competitive global commitments.
Dubai government can earn global business leadership and augment government process efficiency.
Eventually, with secure document processing and transaction handling alone; the Dubai government will save almost 11 billion dirhams.
In addition, UAE-based businesses can build secure transactions with various industries and cities on the global front.
Every person involved will conduct transactions using blockchain technology. Each user gets an identity (a unique identification number). Certainly, this identity can procure the needed information from the decentralized database chain.
Dubai regards Cybersecurity with utmost importance.
Therefore, no malpractices like hacking or misleading users are possible within this system. That’s because every action enjoys real-time recording.
Cryptocurrency Trading in Dubai:
Dubai has fostered Cryptocurrency trading to leverage more business in its new economic business zone.
Dubai Airport Free Zone has signed growth-driven treaties with SCA. Certainly, this can promote the public use of blockchain and cryptocurrency.
In 2021, Dubai Financial Services has proposed Cryptocurrency trading regulations. Their insightful study ensures enhanced monetary growth. Simultaneously, to build a suitable environment for global investors in the UAE and Dubai.
How Blockchain & Cryptocurrency Strengthen Digital Security?
Cryptocurrency cannot be a complete solution for Corporate and Government transaction ills. However, if used genuinely, results are long-lasting.
Fortunately, with AI-based blockchain strategies, smart web-based apps, and new-age initiatives, we can strengthen digital security.
The integrity of digital information and transactions is the biggest boon of blockchain technology.
Next-level cryptographic encryption backs it. This disables data change or mishandling.
The entire network sign and verifies every block of information.
If anyone attempts to malpractice, the signature disappears.
Simultaneously, on alert, the entire network can verify the change.
Banks, public offices, and large corporate entities can safely secure their financial data with ease.
Data is transparent, distributed in various blocks, and secure for the entire network. Therefore, it’s next to impossible for cybercriminals to breach the blockchain.
Protecting digital assets is a common concern for all nations today. Dubai has taken the futuristic stride to embrace the new Dubai Blockchain strategy concept. UAE government can attain technological leadership and beat the global competition.
Did you know that the dynamics of Blockchain and Cryptocurrency can improve lifestyles? It ensures data privacy.
Plus, it caters to various industries like Finance, Aviation, E-commerce, Technology, Transport, Export, R&D. In conclusion, blockchain in UAE can create a paperless global economy soon. It is just the beginning of something incredible.