Over the last decade, Dubai has almost always been used as a reference to the billionaire lifestyle. Yachts, private planes, jets, god knows how many stars-hotels and all that jazz. The city is one of the most desired tourist destinations due to the luxury and futuristic outlook. That alone is not enough and there are currently short-term plans to turn Dubai into the world’s first blockchain-powered city.
Dr. Aisha Bint Butti Bin Bish is the director-general of Smart Dubai. He believes that the city is in a great position to become a blockchain and crypto epicenter. In the near future, that would turn Dubai into the world’s first, fully-integrated blockchain smart city.
The Global Blockchain Challenge is organized by Smart Dubai. This blockchain-themed competition is aimed at finding the most innovative blockchain startups from the entire world and if deemed appropriate, present them compelling offers to develop and grow in Dubai.
Dr. Aisha Bint Butti Bin Bish is highly optimistic about Dubai’s potential for crypto-related businesses:
“The city has established itself in record time, as not only a global tourist destination, but as a preferred destination for innovators and entrepreneurs in the Blockchain industry. With our leadership’s guidance, the emirate has become synonymous with embracing avant-garde technologies ahead of time. By fully utilizing them, we create an advanced, connected and seamless urban experience for our residents and visitors.”
Attracting the newest and most innovative blockchain startups is something not only Dubai should be working on. Dubai’s current venture is also part of a larger plan called the Dubai Blockchain Strategy 2020. As the name suggests, the plan focuses on making Dubai the first blockchain-powered city in the world. The plan was announced by both Smart Dubai and the Dubai Future Foundation.
Every year, more projects can help create the first blockchain-powered city
The Global Blockchain Challenge’s next round will be held at the Future Blockchain Summit between April 1st and 2nd. Startups who pass the preliminary stage will be invited to train in Dubai with the Dubai Future Accelerators (DFA) and will receive a mandatory introduction to the UAE culture.
The $45 000 prize pool, which will be split between the top 3 spots with $20 000 going to the winner and $150 00 and $10 000 will be split between the runner-up and third-place respectively. The 3 top spots will also be allowed to sell and implement their products in Dubai.
Last year’s Challenge attracted over 8000 contestants, 130 crypto-related startups and over 140 speakers. This year promises the same if not more of everything.
Most experts seem remain sceptic that Dubai will become a fully blockchain-powered city in less than 1 year. Even so, the economic ambition and resources will without a doubt give them a head-start when it comes to blockchain tech innovations.