eFatoora is currently creating a new platform with smart contracts within the banking and financial world.
The Dubai Blockchain Strategy, launched by His Highness Sheikh Hamdan, is a result of a collaboration between the Smart Dubai Office and the Dubai Future Foundation to continually explore and evaluate the latest technology innovations that demonstrate an opportunity to deliver more seamless, safe, efficient, and impactful city experiences.
Blockchain technology is a new, powerful tool that is already shaping the future of the internet with simple, safe and secure transactions. The Dubai Blockchain Strategy will help Dubai achieve the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, to create the future of Dubai, and make Dubai the happiest city on Earth.
Like many ideas in the blockchain industry, a general confusion surrounds so-called ‘smart contracts’. This new technology is made possible by public blockchains. Smart contracts are difficult to understand because the term partly confuses the core interaction described. While a standard contract outlines the terms of a relationship (usually one enforceable by law), a smart contract enforces a partnership with cryptographic code.
Smart contracts are programs that execute exactly as they are structured by their creators. One of the best things about the blockchain is that, because it is a decentralized system that exists between all authorised parties, there’s no need to pay intermediaries (Middlemen) and it saves you time and conflict. Blockchains are rated, undeniably, faster, cheaper, and more secure than traditional systems, which is why so many banks and governments are turning to Blockhain in the UAE.
With all the buzz in Dubai with Blockchain, smart contracts are going to help massively to exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman and reducing costs for providers of all these services by cutting administration.
- eFatoora launched eDocuments in 2017 which meant, there was no need to rely on third parties, who can make mistakes or errors. eFatoora eDocuments are encrypted on a shared ledger, and all parties can have access to them. Documents are duplicated many times over on the blockchain, and can’t ever be “lost” and encrypted, making them near-impenetrable by hackers. These contracts automatically self-execute, saving you precious time. Smart contracts save you money by taking out the middleman and these contracts execute the exact code provided, ensuring zero errors. For organizations like governments, we added another level of transparency and a bespoke offering of added security.
Blockchain not only provides a single ledger as a reliable source of trust, but also reduces possible errors in communication and workflow because of its accuracy, transparency, and automated system. Ordinarily, business operations have to endure a back-and-forth, while waiting for approvals and for internal or external issues to sort themselves out. A blockchain ledger streamlines this in the most efficient way. It also cuts out discrepancies or mistakes that typically occur with independent manual processing which could lead to costly lawsuits and settlement delays.
eFatoora is supporting a new entity in the region, that will provide an end to end solution and ecosystem for physical consumers. This solution will provide preferential cross-border remittance rates and several other financial and exchange products that will create a secure and sustainable hub for people who come to work in UAE. Additionally, with smart contracts this will also cut costs and administration for Government and private entities who employ large numbers of blue-collar workers. In fact, the blockchain and this product could revolutionize how we interact with intellectual property, capital markets, insurance, healthcare, government, and many other sectors. The roadmap and services will be available to the public very soon on official launch!