Page 94 - ITU-T Focus Group Digital Financial Services – Executive Summary

By opening the door to blockchain technical partners from around the world to come to Dubai and pilot use
cases in each entity, Dubai is stimulating the blockchain market and its own economy. In brief, the city is
creating demand for businesses to thrive through innovation.

2. Industry Creation

Figure 5  Dubai Blockchain Sectors

2 Industry Creation
In addition to rolling out blockchain in the Government, Dubai aims to create a blockchain industry where
private companies and start-ups thrive and innovate. To achieve this aim, it has set four key action areas that
would support in creating an enabling eco-system that would empower businesses as follows (see Figure 6):
a) Policy Development
The policy implications of blockchain implementation will be continuously assessed and policy will be
developed in a number of areas such as security, consumer rights, start up support and enablement, and
financial technology.
b) Blockchain Accelerator
A blockchain accelerator will be launched to engage start-ups in exploring creative opportunities for
blockchain implementation. The accelerator is also meant to operate as a knowledge hub that would raise
the awareness and understanding of blockchain technology, its global adoption and Dubai’s plans for it.
c) Global Blockchain Start Up Competitions
Dubai will roll out a number of global competitions to open a channel for start-ups to participate from all
over the world in the ideation process for blockchain implementation across the city.
d) Private Sector Engagement

Dubai has set up the first Global Blockchain Council which is comprised of 46 members from the private
sector and aims to enable a thriving blockchain ecosystem. A Local Private Sector Working Group will also be
set up to engage closely with the Government on enabling the potential of blockchain locally.

90 U4SSC series