THE IMPACT OF BLOCKCHAIN SYSTEM IN DUBAI
Dubai has announced its plan to be “ The world’s first Block chain powered government”, with a plan to be 100% on block chain by 2020. The block chain technology which is going to be implemented in Dubai will remove all the middlemen like lawyers, accountants, bankers, immigration officers and government officials by the year of 2020.
The first public and decentralized blockchain in the Arabic world, ArabianChain is moving Dubai government’s paperwork onto the blockchain, which doesn’t need lawyers and government departments for verification.
The Dubai Land Department has launched a blockchain system to record all real estate contracts and record all property-related transactions such as rental, utility and telecom bills.
ObjectTech will provide digital passports and block chain security to Dubai International Airport to deliver seamless entry and exit from the country.
Dubai has launched its block chain based crypto currency called emcash, for the citizens to pay for all services via digital cash.
Blockchain smart contracts and crypto-currency track all transactions that take place with any agreement or transferable asset.
That means the end-point of Dubai’s blockchain adoption is that there will be no further need for the middlemen in our day-to-day transactions.
No more lawyers. No more accountants. No more bankers. No more immigration officers. No more government officials.Danburite’s role
Being the leading business consultants, Danburite will be able to help our clients fill the gap of presence in departments for business registration, company restructuring, and to provide timely legal advises on various matters.
However the emergence of new technologies will ease the process of business registration. We have still some systems in force by which an investor can take his license in Dubai within 5 minutes without any tenancy contract and ejari.
The system implementation will help the business consultants and management consultants to provide apt solution through one window operation to have value added result on all business aspects.