Blockchain technology is seen as the future of payments by many and may very well revolutionize how financial transactions are processed. Dubai has been at the forefront of this technology. Therefore the city could be the first in the world powered by Blockchain. Not only that, it could happen as soon as 2020. IT experts see the strides Dubai has made as the start of a Blockchain economy. It has received backing from the government in this area and Dubai looks to the future as a tech city that leads the way in new ideas.
The size of the Blockchain market
Although new to some, Blockchain is a huge market and this is expected to grow even more in the future. Currently the market is worth $210 million but by 2021 this market is expected to grow to over $2.3 billion. The change is staggering. Of course, this means that the city will need new consultants to develop and deliver Blockchain solutions to businesses and individuals. As the smart economy takes off in many parts of the world, Dubai leads the way with this technology. It is an innovative city. The next steps will be to implement these ideas.
The future of the Dubai economy
As the city looks to the future, ideas like Blockchain represent a great opportunity. The technology is perfect for many industries and provides speedy and cost-effective transactions rather than via traditional banks. Dubai wants to be a leader in the digital economy of the future. This is putting the city on the world stage, front and centre. The momentum of Blockchain is something that many cities want to benefit from. With its tech background, Dubai is best suited to make the most of this opportunity. If Dubai becomes a Blockchain powered city by 2020 then this is because the foundations will be laid now.