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Blockchain: A USD 20 billion market
with 58.7% CAGR
The Dubai strategy targets the shift of all government transactions to a blockchain network by 2020
Friday 5 October 2018
Blockchain technology adds simplicity, efficiency, and safety to transactions and records. The distributed database for all digital transactions eliminates the need for third-party authentication and is being adopted by consumers, institutions, and organizations globally.
The global blockchain technology market was valued at USD 315.9 million in 2015 and is expected to reach USD 20 billion by the end of 2024. Between 2016 and 2024, the global market is expected to rise at a CAGR of 58.7 percent.
The Dubai Blockchain Strategy targets the shift of 100 per cent of government transactions to a blockchain network by 2020 and encourages paperless transactions, cutting almost 100 million paper transactions annually.
Dubai’s ICT sector overall generated a turnover of USD 4.2 billion in 2016, adding 3.9 percent to GDP, according to the Dubai Statistics Centre (DSC), up from 3.7 percent in 2014 and 3.8 percent in 2015.
THE NUMBERS
Global blockchain technology market value forecast
WHAT THEY SAY
“We want to do more than just encourage companies to bring new technologies to the market; we want to provide a platform where they can utilize tools to create solutions for the challenges of governance. Already, investors are increasingly seeing Dubai as a place where the most nascent ideas ... can be developed and implemented at a speed that is difficult in the rest of the world.”
- H.E. Aisha bin Bishr, Director-General, Smart Dubai Office (Interview with Oxford Business Group)
“Dubai is known for being at the forefront of technological innovation. As one of the first governments to engage with blockchain, Dubai’s story is inspirational and can provide a road map to anyone interested in creating smart cities by transforming transactions with the distributed ledger technology. The journey began when blockchain was just a concept, and Dubai is now carrying out a city-wide pilot that will help make it more of a reality.”
- Saqr Ereiqat, Blockchain Evangelist and Senior Management Consultant, Global Business Services, IBM (IBM Blockchain Blog)
AN INVITATION TO COLLABORATE
The Dubai Blockchain Strategy is a joint project of the Dubai Future Foundation and Dubai Smart City Office. The secure, cloud-based network will conduct, process, and verify transactions related to government documents, shares and financial products, trade and contracts, and digital currency. It’s a cross-sector approach, aiming to fuel entrepreneurship and global competitiveness.
Dubai’s blockchain ecosystem will facilitate the creation of new industries, leading to the expansion of thousands of new business opportunities in the private sector. Sectors that are expected to see growth include fintech and banking, health care, transportation, urban planning, smart energy, digital commerce, and tourism.
The Dubai Blockchain Strategy will pave the way for technology companies to develop and implement solutions that create smarter cities. It’s an opportunity to create strategic partnerships and source highly-skilled personnel to bring these ideas to fruition. Research and development as well testing are being facilitated in a supportive environment.
DYNAMIC GROWTH IN KEY SECTORS
THE HOME OF THE GLOBAL BLOCKCHAIN COUNCIL
The Dubai Future Foundation has announced the establishment of the Global Blockchain Council in 2016 to explore and discuss current and future applications, and to organize transactions using the blockchain platform.
Public-private partners for growth: The 46-member council includes government entities, international companies, banks, free zones, and international blockchain technology firms, such as:
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GOVERNMENT SUPPORT FOR BLOCKCHAIN START-UPS
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