Will Dubai Make History As The First Ever Blockchain-Powered City?

By Boris Dzhingarov

Whenever talking about Dubai people consider the Arab billionaire lifestyle, huge skyscrapers and 6-star hotels, a tourist destination like no other. What few know is that there are huge plans to transform Dubai by 2020 into the first ever blockchain-powered city.

Dr. Aisha Bint Butti Bin Bishr, Smart Dubai director-general, thinks that the city has a really good chance of being a crypto and blockchain epicenter. There is the belief that Dubai will became a smart city with fully-integrated blockchain technology in just 2 years.

UAE Blockchain Smart City

Project Smart Dubai organize what is known as the Global Blockchain Challenge. This is a special competition with the goal of finding highly innovative blockchain startups from all around the world. Then, the startups are enticed to operate in the city of Dubai.

When referring to Dubai’s potential as a crypto-related business haven, Dr. Aisha Bint Butti Bin Bishr declared:

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.

There were talks about a Dubai Blockchain Strategy 2020, which is all about attracting innovative and new blockchain startups.

The Dubai Future Foundation and Smart Dubai initially announced the plan in early 2019. By 2020, the plan is to make the city completely blockchain-powered.

The Global Dubai Blockchain Challenge

On April 2 to 3, 2019, the next Global Blockchain Challenge round is going to happen, at Future Blockchain Summit, which is held at the Dubai World Trade Center. This is a competition that is a collaboration between Dubai Future Accelerators (DFA for short) and Smart Dubai.

The blockchain-related startups that pass preliminary stages end up being invited to official train in Dubai. There, they receive UAE culture introduction and help from the DFA. Three winners are announced and get the opportunity to implement and sell services and products in Dubai. Competition winner receives $20,000 cash, with second and third places receiving $15,000 and respectively $10,000.

The Future Dubai Blockchain Summit of 2018 attracted 130 crypto-related startups, 8,000 attendees and 140 speakers. We can expect around the same thing for this year’s event.

Final Thoughts

The truth is that Dubai will most likely not become the first ever blockchain-powered city, or at least not by 2020. However, the economic might and ambition we see will offer an advantage as they are looking for innovation in blockchain technology.