Dubai Sets Roadmap Toward a Blockchain City

With government backing to implement blockchain technology throughout the city, this advanced initiative has entered its third month, and pilot plans are being announced one after another. This movement enhances Dubai’s reputation as a business hub in the Middle East and simultaneously provides a blueprint for cities around the world to follow.

This month, Emirates NBD, Dubai’s largest bank, announced the introduction of blockchain technology to checks to prevent fraud and simplify authentication. The project, named “Cheque Chain,” is positioned as the start of an “important strategy” to embed blockchain into existing products and services.

Emirates NBD has been a major investor in the early days of blockchain and in February formed partnerships with IBM and other Dubai companies to explore how blockchain technology can be applied to trade finance and logistics management. Trade is Dubai’s largest industry, and the total value of non-oil trade in Dubai reached $348 billion in 2016.