Dubai has announced the plans to become the first global city that operates all transactions with the help of blockchain technology.
Ahmad Al Mulla, the city’s Chief Information Officer said: “Dubai is a frontrunner in adopting the latest technology and has set a goal to become the world’s first government to execute all implementable transactions on the blockchain by 2020. The government initiatives in this direction present tremendous business opportunities for the private sector in the UAE.”
In its urge to lead the world in terms of fintech, Dubai attracted both local and global specialists in the field of blockchain with Dan Frankel becoming the Blockchain City Adviser to Dubai at ConsenSys.
According to the estimates, thanks to the adoption of new financial technologies, transaction costs can be cut by 75%, or up to $20 billion a year by 2020. Early adopters are believed to have a competitive advantage.
Not only financial services will rely on the cutting-edge technology. Dubai International Airport will adopt blockchain passport verification and get rid of manual passport verification. Emirates NBD, an Emirates-based investment bank, is believed to adopt the distributed ledger in order to avoid fraud and improve security.
< 1 min
Table of contents
MOST TRADED ASSETS
- Binary Options
- Digital Options
- Forex
- Stocks
- Indices
- Commodities
- ETFs
-
EUR/USD
1.05
Trade+0.18% -
USD/JPY
154
Trade-0.13% -
AUD/USD
0.65
Trade-0.53% -
GBP/JPY
193.56
Trade-0.29% -
GBP/USD
1.26
Trade-0.16%
-
Shopify Inc.
111.04
Trade+1.68% -
Tesla, Inc.
338.53
Trade-4.7% -
NVIDIA Corporation
135.87
Trade-3.44% -
Amazon.com, Inc.
201.44
Trade+1.33% -
SolarEdge Technologies, Inc.
13.77
Trade+8.68%
-
Gold
2627.43
Trade-3.36% -
Crude Oil WTI
68.78
Trade-3.37% -
Crude Oil Brent
72.62
Trade-2.76% -
Silver
30.3
Trade-3.46% -
Natural Gas
3.39
Trade-3.39%
-
US 100
20846.95
Trade-0.05% -
GER 30
19377.05
Trade-0.07% -
US 30
44801
Trade+0.62% -
US 500
6005.18
Trade+0.15% -
US 2000
2449.95
Trade+0.72%
-
S&P 500 ETF
597.45
Trade-0.29% -
Valkyrie Bitcoin Fund (BRRR)
26.85
Trade-2.49% -
20+ Year Treasury Bond ETF
92.7
Trade+0.49% -
Daily Junior Gold Miners Index
42.33
Trade-0.72% -
UltraPro Short QQQ
33.14
Trade+1.61%
Your capital might be at risk
Related posts
Black Friday, Christmas, New Year: Tips for Trading This Holiday Season
11 Life Lessons We’ve Learned From 11 Years Of Trading
Breaking a Losing Streak
The US Presidential Race 2024 Market Influence: What You Need to Know Now
Top TV Series and Reality Shows about Trading
4 Great Books from Trading Experts
3 Tips to Trade more Effectively
Top 10 Movies to Watch as a Forex and Stock Trader
What should you learn next? Turn the wheel to find out!
