28 January, 2020
Blockchain – All Set to Grow
Smart Dubai placed immense focus and positivity on blockchain technology, indicating that the concept is set to move ahead in only one direction, and that is upwards.
The Dubai Blockchain Strategy 2020, an initiative of Smart Dubai under the leadership of Dr. Aisha Bint Butti Bin Bishr, recently conducted organized a press briefing highlighting the key achievements of implementing blockchain over the last 3 years.
The global blockchain market, valued at AED3.23 Billion in 2018, is set to grow to AED48.9 Billion by 2025. The Dubai blockchain market, pegged at AED 35 million in 2018, is expected to reach AED 437 million by 2025. This would mean Dubai will be roughly 1% of the global blockchain market.
In 2018, Dubai showed growth of 24% in blockchain, while the global average was at 19%. Taking cognizance of Dubai being ahead of the curve in adopting technology and innovation, Smart Dubai enhanced its blockchain involvement by launching Dubai Blockchain 2020, a strategic initiative aimed at improving blockchain technology across Governments and companies in Dubai.
The initiative promised a holistic ecosystem for blockchain in Dubai, which it delivered. A series of key use cases across sectors were identified through Government and private partners, which would help in streamlining the effectiveness of blockchain. The smart city transformation efforts are expected to increase, and these would be in line with the Government vision for 2020: Towards the Next 50.
Currently, the world has around 8,000 blockchain companies, of which 114 are based in Dubai.