e-Mal makes an exemplary stance promoting Financial Legislation
Dubai is the international business and trading hub of the MENA region. Dubai has near-zero taxation, outstanding lifestyle attractions, advanced physical infrastructure and a safe environment. In the next step towards its ambitious grand plan, Dubai has now set its sights on being the first city built on blockchain by the year 2020. The blockchain is the technology used to maintain the digital currency bitcoin, and it can be used to facilitate instant payments. There is a public digital ledger of all Bitcoin transactions that efficiently share and tracks information and is highly suited to serve as a form of incorruptible and unalterable form of receipt, or proof of all transactions, shared on a network. Although blockchain technology has not yet been utilized widely for commercial use in the United Arab Emirates, the technology is attracting notice from major global players and industry leaders.
Many factors remain to be considered before Dubai deploys this technology on a large scale. One area of concern is cybersecurity. Because the technology has yet to be used on a large scale, it remains to be seen whether the security will truly protect important transactional information in an impregnable fashion. Supporters of blockchains claim they are secure by design; however, a number of recent hacking attacks against digital currency records have raised concerns and prompted companies like e-Mal to promote regulation and legislation.
A study by IBM’s Institute for Business Value (IBV) found nine out of 10 government organisations plan to invest in blockchain for use cases ranging from financial transaction management, asset management, contract management and regulatory compliance by 2018. Of these, nine out of 10 the Middle East and Africa government executives see contract management as the greatest potential new business model as it would bring complete visibility to the failure of any party to meet a deadline or complete a task. Dubai is at the forefront of adopting transformative technology and these findings indicate that blockchain adoption is sure to accelerate over this coming year in the region.
Regulation is vital for the UAE market that will reduce risk and enhance the digitization vision.
e-Mal supports the vision of His Highness Sheikh Mohammed and the adoption of the blockchain, as it would help the government prepare for future challenges and contribute to saving AED11 billion spent annually on document transactions and documents, 77 million hours of work, reduce government documents by 389 million, and save 1.6 billion kilometres spent driving. The UAE plan includes four pillars focusing on citizen and resident happiness, government efficiency, advanced legislation, and global entrepreneurship.
e-Mal will promote training courses, events, workshops and reports to build its standing in blockchain and support university courses specializing in Blockchain and related subjects like encryption and security to ensure public awareness.
“I strongly believe that the UAE is perfectly positioned to be a leading Crypto Financial Hub at par with Singapore and Switzerland. Liberal and certain legislative regime and buy-in from the authorities will allow the inflow of innovative blockchain businesses and capital to make the Uae a leader in this legislation and industry. We hear stories every day from companies who are launching ICO’s, wallets, and digital currency, however, the UAE Government are providing support to very few companies and following sandbox testing for select entities using own funds not public, decisions will be made. Anyone advertising otherwise at this time is false marketing and misleading, creating delays for the serious players in the market who are taking the correct steps to ensure regulation and safety of public funds,” said Yasmine Khan, CEO, and Founder of e-Mal/eFatoora in Dubai.