Dubai's blockchain market value to continue to grow in coming years

SOURCE: Khaleej Times

The market value of blockchain technologies in Dubai is projected to continue to grow in the coming years from Dh35 million in 2018 to Dh437 million in the next five years, accounting for nearly one per cent of global market value.

Data shared by Smart Dubai revealed that the global market value of blockchain will increase from Dh3.23 billion in 2018 to Dh48.9 billion by 2025. Dubai's blockchain market grew by 24 per cent in 2018, surpassing the global average of 19 per cent. Out of 8,000 global blockchain companies, 114, or 1.4 per cent, of them are based in Dubai, Smart Dubai executives said, while revealing the achievements of the Dubai Blockchain Strategy 2020 during a press briefing on Sunday.

In October 2016, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, announced that Dubai will be powered through Dubai blockchain strategy.

"We accomplished what we promised of building a holistic blockchain ecosystem in Dubai. We have been working with government and private sector partners to identify a series of use cases across multiple sectors. Blockchain cannot solve everything and we need to be wise in selecting these use cases. That is what we have done here," said Dr. Aisha Bint Butti Bin Bishr, director-general of the Smart Dubai Department.

Around 24 use cases across eight sectors are under implementation.

"We look forward to multiplying our smart city transformation efforts this year, powering forward with more dedication as we mark the Year of Preparation for the UAE's 50th Anniversary '2020: Towards the Next 50'," she said.

Furthermore, the shared Dubai Blockchain Platform was launched in partnership with IBM to allow government entities to develop use cases without investing in individual infrastructure.