A Smart Cities Expo held in Barcelona saw Smart Dubai Office win the major award competing with 308 others. SDO received the City Project Award for their Dubai Blockchain strategy. The initiative was started to enable the Dubai government to create one complete system where all government projects can take place on encrypted databases by the year 2020.
Smart Cities Expo brings together institutions that are driving technology-based projects to move their cities/countries forward. It’s majorly aimed at exposing people to different ideas and bringing brains together.
On another level, the project is also aimed at creating new standard for blockchain technology. According to the CEO of Smart Dubai Office Wesam Lootah: “Ar Smart Dubai we are planning to go beyond just Blockchain technology in what we do. By now we are working to bring out the first set of international standards of blockchain application in government. We believe our desire and experience will also inspire other cities to bring new opportunities to implement Blockchain in every aspect of life.”
Dubai has been very active in the implementation of the Blockchain technology and also cryptocurrencies. It’s one of the cities where you can even buy a house using cryptocurrencies. They are actually a leading contributor in the marketplace especially going to the national governments.
The Dubai government has not restricted its nationals from investing in cryptocurrencies. In fact, it’s one of the most supportive governments. Recently the government even announced that they would even issue the first ever state backs cryptocurrency. This shows that the level of digital currency adoption in the country is very high.
When some nations are banning cryptocurrencies and ICOs United Arab Emirates is looking for opportunities. They have argued that it’s better for cryptocurrencies to be regulated other than banned. This is because they feel that the Blockchain technology is here to stay.