Dubai government aims to become world's first blockchain-powered city by 2020

In October 2016, Smart Dubai Office (SDO) announced the launch of the SDO Blockchain Challenge to discover blockchain startups that can lead Dubai’s blockchain strategy. SDO is a technology project proposed by the UAE government, Startup Incubator and Seed Fund 1776.

Blockchain-powered regions in the UAE

The launch of the SDO Blockchain Challenge follows a partnership between SDO and Dubai government officials and Seed Fund 1776 to work together to transform Dubai into a blockchain-powered region.

The SDO believes that the implementation of blockchain technology within and beyond the financial sector could significantly boost the development of the UAE’s pillar industries.

Representatives of 1776 announced in an official statement:

“In October 2016, Dubai launched a city-wide blockchain strategy with the goal of becoming the first blockchain-powered city by 2020. SDO and 1776 are looking for blockchain technology applications that can be game-changing across all industries. Blockchain has the potential to improve people’s lives, and Dubai is seeking to be a leader in moving towards such applications.”

Dubai government pushes blockchain ecosystem to grow faster

Since then, 1776 and SDO have begun collaborating through the SDO Blockchain Challenge to identify blockchain startups committed to government efficiency, industry creation and thought leadership.

The Dubai government is also committed to providing an ecosystem for blockchain startups where entrepreneurs and developers will be able to engage with industry leaders and renowned investors to support the development of blockchain technology and their unique technologies.

Startups can apply to join the ecosystem before April 13, during which time blockchain startups will be able to receive training and guidance from mentors and experts from 1776, which has successfully shaped many startups and enterprises.

The Dubai government agency is particularly optimistic about the startup competition, offering free travel and accommodation to startups and their members during the competition.

Dubai blockchain startups have already started to receive various grants and investments from government agencies. For example, Hypergive, a startup dedicated to using blockchain technology to fight hunger, won the 2017 Giving Award at the Dubai Global Government Summit.

Blockchain Development Center

Jesse Rodgers, CEO of Volta Labs, a startup incubator and partner company of the Dubai Global Government Summit, said that winning this award is a win-win for Hypergive and the UAE, as the country, government and industry leaders are beginning to recognize the potential of blockchain technology in the region.

Rodgers said:

“Our goal is to make the world aware of our community of technology creators. We are very pleased that the Hypergive team has won this award, which is also a great prize for our entire region.”

As previously reported, “UAE Considers Formal Recognition of Bitcoin, Studying Regulatory Framework,” the UAE government is showing great interest in Bitcoin and its underlying technology.

By allowing blockchain startups to develop in a real ecosystem, Dubai aims to become a hub for blockchain development in the coming years.