Dubai moving toward becoming the first Blockchain powered city by 2020
Dubai is rapidly moving toward implementing Blockchain technology and reaching its target of becoming the first Blockchain powered city by 2020, a senior IT expert has said.
Saeed Al Dhaheri, Chairman, Smartworld, while addressing a gathering of decision-makers and experts from across the UAE’s IT sector, said that the market size for Blockchain is projected to grow from $210 million in 2016 to over $2.3 billion by 2021 and more organisations are looking for consultants to understand the applicability and impact of Blockchain in their businesses.
Dhaheri added that the Dubai Blockchain Strategy will usher in tremendous economic opportunity across all sectors and further enhance Dubai’s reputation as a global technology leader, in line with Smart Dubai’s mandate to become global leader in the smart economy.
“No one can ignore the importance of Blockchain and bitcoin at this moment as it’s gaining momentum. It’s important for all industries including healthcare, real estate, insurance and others, and we are about to see a lot of adoption in the next five to 10 years,” said Dhaheri.
Talking about the challenges in implementation, Dhaheri said confusion in proper understanding of this technology, lack of trained resources and technical challenges need to be dealt with for effective implementation and to reap the most of Blockchain.
“Having in-depth knowledge toward the Blockchain technology is a must. Blockchain is a collection of pre-existing technologies, in an elegant way. There are many options to choose from when building a tailor-fit platform or a service according to specific needs of the business but choosing options and building successful business heavily depend on the knowledge or experience the implementer has on technology,” he added.
Dhaheri also highlighted on the need for regulators and market participants to proactively work together to identify the best supervisory models and approaches.