The Dubai Future Council for Blockchain Dubai has launched its Blockchain Policy for Dubai city at the 9th Smart City Expo World Congress in Barcelona, held from November 19–20, 2019.
As per the strategy, the Dubai government will conduct 100 % of its applicable transactions via blockchain by 2020.
According to the 2019-2020 plan, the council wants to establish Dubai as the epicenter of blockchain-related activities. Their policy further aims to launch Dubai as the global hub of blockchain-related solutions. It also plans to issue reports on Dubai’s cryptocurrency policy and its future blockchain framework.
The blockchain policy has been drafted through a four steps procedure which involved consultation with the government officials and private sector about the involved challenges and potential solutions for efficient governance.
The first step was exploring and accumulating the challenges from various sources. The second step involved the identification of the focus areas of blockchain application; the third step considered requirements and options for a policy framework, and the fourth step evaluated the viability of the application of the blockchain in the core areas.
The policy encompasses three core aspects which are mentioned as following:
Foundational Capabilities: Covers Technology platform and services, Shared network services, Legal support, Architecture, and standards.
Network Governance: Covers Intellectual property, Network ownership and membership, Funding and monetization, and Network expansion.
Network operations: Covers Data formats and interoperability, Node and network security, data privacy 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 meeting in April headed by Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, who is the crown prince of Dubai as well as the Vice president and Prime minister of Dubai. The meeting explored innovative solutions for strategic sectors in the near future.
The second meeting held in June structured and approved the plans for the next two years. A report was presented on cryptocurrency positioning and forthcoming blockchain integration in the governance.
The Dubai Future Council for Blockchain Dubai
The Council is chaired by Dr. Alisha Bint Butti Bin Bishr, who is also the Director-General of the Smart City project. The project was launched by Dubai Future Foundation (DFF) in early 2019.
The council chairperson Dr. Alisha Bishr commented that under the leadership of Sheikh Mohammed, Dubai is envisioned to be the happiest city for the residents and the visitors by embracing next-generation technology.
She further said,
Blockchain is undoubtedly the most prominent and promising of these breakthrough technologies. With that in the mind, the Dubai Future Council for blockchain sought to develop a policy to support government entities and private companies to implement the technology and form a value-creating blockchain network.