The Dubai Future Council for Blockchain Dubai has launched its Blockchain Policy for Dubai metropolis on the ninth Smart City Expo World Congress in Barcelona, held from November 19–20, 2019.
As per the technique, the Dubai authorities will conduct 100 % of its relevant transactions through blockchain by 2020.
According to the 2019-2020 plan, the council desires to determine Dubai because the epicenter of blockchain-related actions. Their coverage additional goals to launch Dubai as the worldwide hub of blockchain-related options. It additionally plans to concern experiences on Dubai’s cryptocurrency coverage and its future blockchain framework.
The blockchain coverage has been drafted by way of a 4 steps process which concerned session with the federal government officers and personal sector in regards to the concerned challenges and potential options for environment friendly governance.
The first step was exploring and accumulating the challenges from numerous sources. The second step concerned the identification of the main focus areas of blockchain software; the third step thought-about necessities and choices for a coverage framework, and the fourth step evaluated the viability of the applying of the blockchain within the core areas.
The coverage encompasses three core facets that are talked about as following:
Foundational Capabilities: Covers Technology platform and providers, Shared community providers, Legal help, Architecture, and requirements.
Network Governance: Covers Intellectual property, Network possession and membership, Funding and monetization, and Network growth.
Network operations: Covers Data codecs and interoperability, Node and community safety, knowledge privateness and confidentiality, Communication and adoption, and audit and compliance.
When was the Policy framed?
After its formation in early 2019, the Council held its first assembly in April headed by Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, who’s the crown prince of Dubai in addition to the Vice president and Prime minister of Dubai. The assembly explored modern options for strategic sectors within the close to future.
The second assembly held in June structured and authorised the plans for the following two years. A report was introduced on cryptocurrency positioning and forthcoming blockchain integration within the governance.
The Dubai Future Council for Blockchain Dubai
The Council is chaired by Dr. Alisha Bint Butti Bin Bishr, who can be the Director-General of the Smart City venture. The venture was launched by Dubai Future Foundation (DFF) in early 2019.
The council chairperson Dr. Alisha Bishr commented that underneath the management of Sheikh Mohammed, Dubai is envisioned to be the happiest metropolis for the residents and the guests by embracing next-generation know-how.
She additional stated,
Blockchain is undoubtedly essentially the most distinguished and promising of those breakthrough applied sciences. With that within the thoughts, the Dubai Future Council for blockchain sought to develop a coverage to help authorities entities and personal corporations to implement the know-how and type a value-creating blockchain community.