Page 92 - ITU-T Focus Group Digital Financial Services – Executive Summary

Figure 3  Global Interest in Blockchain

Finally, Dubai’s adoption of Blockchain technology at a city-wide scale comes at a time when the technology
is increasingly being recognized as the ultimate trust machine. Blockchain eliminates the need for trusted
third parties in transactions, an attribute which would contribute significantly to simplifying Dubai
Government’s evolving processes. The adoption of blockchain technology applies to the smart governance,
smart economy and smart people areas of the U4SSC as the next sections will showcase.

2 The smart project(s)

2.1 Vision and content

While governments around the world are cautiously exploring a few blockchain applications each, Dubai is
the first city that has the vision to fully explore the potential of this nascent innovative and rapidly evolving
technology on a city-wide scale.

In October 2016, Dubai launched a city wide blockchain strategy with the objective of becoming the first
blockchain powered city, driving the future economy by 2020. This ambition sees Dubai Government leading
innovation and building the enabling ecosystem for it to thrive in both the public and private sectors.
The blockchain strategy is based on three pillars (see Figure4):

1 Government Efficiency
Implement blockchain technology in applicable government services.
2 Industry Creation
Support the creation of a blockchain industry through providing an enabling ecosystem that
empowers start-ups and businesses.
3 Local and International Thought Leadership
Lead the global thinking on blockchain technology and become the hub for blockchain intellectual
capital and skill development.

88 U4SSC series