Dubai has always been the cradle of innovation when it comes to cities around the world. The headquarters of the Arab billionaire nation is a city full of skyscrapers. According to the latest crypto news, however, Dubai could also soon become the first blockchain-powered city by 2020.
The Director-General of Smart Dubai, Dr. Aisha Bint Butti Bin Bishr, recently said that the city is in a prime position to establish itself among the first blockchain cities and potentially become a fully integrated blockchain smart city in the next few years.
Smart Dubai is the organizer behind the Global Blockchain Challenge which is a blockchain-related competition that is geared to finding the most innovative blockchain startups from all around the world and enticing them to operate in Dubai.
As Dr. Aisha Bint Butti Bin Bishr said when talking about the potential for crypto-related businesses:
Dubai has established itself, and in record time, as a global destination for innovators and entrepreneurs in the Blockchain industry. Guided by the vision of our leadership, the emirate has become synonymous with bravely embracing avant-garde technologies and utilizing them to create an advanced, connected and seamless urban experience for its residents and visitors.
Attracting the newest and most innovative blockchain startups to Dubai is part of the larger plan called the Dubai Blockchain Strategy 2020. The plan was initially announced by Smart Dubai and the Dubai Future Foundation earlier this year in order to make Dubai the first ever blockchain-powered city by 2020.
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“I would say payment and utility tokens are more or less over, sometimes they make sense.”Talking about stablecoins, he explained that their decentralized mechanism is what makes sure that they are legally considered to be payment tokens rather than securities:
“Stablecoins are a precondition to enable average companies to bring their equity onto the blockchain, because if they issue bonds or shares they want to do so against U.S. dollars, euros or Swiss francs, because those are the currencies they calculate in, not Bitcoin (BTC) or Ethereum (ETH).”Meisser also pointed out that the banks in Switzerland still don’t attempt to try crypto but local startups do use them as a way to avoid banking difficulties in the country.
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“The Surround platform will enable the entire music entertainment industry to streamline operations through secure transfer of copyright assets, streamlined connectivity as well as better monitoring and management systems."The launch of this new service marks the expansion of Bitfury onto various aspects beyond mining. Within the ecosystem, this week also saw the company bringing off-chain payments through the Lightning Network (LN) to their first exchange environment thanks to a partnership with Poland's BTCBIT. As the CEO of Bitfury commented about the Surround project:
"The music entertainment industry has evolved into a complex, competitive, technology-driven environment that suffers from a severe lack of transparency.We want to champion artists and help incentivize the growth of the entire industry through the creation of this open, blockchain-based ecosystem."There are many blockchain entities which are tackling the music industry transparency for several years, with ideas such as blockchain-based streaming service being revealed in 2018.
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