Dubai envisions to become world’s first blockchain powered government

Dubai is a land where nothing is impossible. This time the city is aspiring to become the first blockchain city, where most of the emirate’s businesses will operate using blockchain technology. The city underwent radical shift in embracing bitcoin blockchain technology in the recent times. Since then, Dubai has embraced technology and continues the trend to become world’s first blockchain powered government by 2020. Adoption of distributed ledger technology will save 5.5 billion dirhams annually spent on the documentation alone- a value worth of one Burj Khalifa every year.

Technology centre of the Middle East

Dubai claims to be a major business hub of the middle east owing to its investor friendly taxation and business policies, advanced infrastructure, and secure politico-economic environment. It now aspires to become technology centre of the middle east by implementing blockchain technology at the government level. Blockchain technology can be used to track business information, records of which are verifiable, immutable, and secure. It has potential to speed up transactions, increase transparency and reduce instances of frauds and money laundering.

Government entities realize the need to have secure and shared ledger for greater transparency and accountability of business processes. Majority of emirate’s business are using distributed ledger technology to provide efficient services as well as to attract foreign business investments.

Smart Dubai Blockchain Strategy

His Highness Sheikh Hamdan bin Mohammad bin Rashid Al Maktoum, Crown Prince of Dubai launched the Dubai Blockchain Strategy. It is a collaboration between the Smart Dubai Office and the Dubai Future Foundation to explore and evaluate the latest technology innovations that delivers seamless, safe, efficient, and impactful city experiences.

Smart Dubai is a public-private citywide effort to implement blockchain in government, semi-government, and private organizations. This initiative aims to identify businesses where blockchain can be successfully implemented. It aims to conduct workshops to educate the public and private sectors to initiate blockchain pilot projects collaboratively. Smart Dubai plans to build a shared platform – Blockchain as a Service (BaaS) for government entities to track progress of such blockchain pilot projects. Smart Dubai has recently appointed IBM as its strategic partner and Consensys as software development consultancy and blockchain adviser.

Early technology adopters

Dubai government entity, Department of Economic Development looks after business registration and licensing services in the region. It facilitates setting up businesses, issue commercial license and protect rights of businesses and consumers in the region. The department is in process of shifting all its operations to blockchain.

Emirates NBD, Dubai’s largest bank collaborates with IBM and other business entities to explore blockchain technology applications in trade finance and logistics. The bank experiments to prevent instances of fraud and boost the authenticity and transparency of financial transactions.

Export import businesses through ports and free zones aims to substitute paper based contracts with blockchain based smart contracts, which will reduce cost of documentation, shipping, tracking and supply of goods.

ArabianChain, Arab world’s first public blockchain aims at shifting inter-governmental paperwork on blockchain. It plays an important role in shaping future of blockchain in the middle east. ArabianChain and DubaiCoin (DBIX) will lead the way for cryptocurrency and alternative investment opportunities in this region.

Early technology agreements

ICICI Bank, India’s largest private bank and Emirates NBD partnered to accomplish the first cross border transaction in international trade finance and remittances using blockchain technology. This technology allows banks to have access to single source of information in real time.

The Dubai Financial Services Authority (DFSA) and the Securities and Futures Commission (SFC), Hong Kong entered into agreement for fintech cooperation to encourage startups in MENA and East Asian markets. This fintech accelerator will connect startups with a network of regional and international financial leaders such as the Abu Dhabi Islamic Bank, HSBC, VISA, etc.

Dubai government recently entered into agreement with UK based blockchain startup ObjectTech to create digital passports for entry at Dubai International Airport. It aims to replace manual passport verification and create the world’s first gate-less border. The growing optimism and enthusiasm of Dubai government implementing citywide blockchain payments will soon make it the world’s first blockchain powered city.

These blockchain companies are leading digital revolution in India

Blockchain based companies are digitalizing India a big way. Many fintech startups are exploring and implementing blockchain technology applications in Banking, Insurance, Healthcare, Supply Chain, Payment Processing, Contract management among several others. It is exciting to see technology startups innovating in the areas of blockchain, IoT and artificial intelligence. Blockchain is identified to lead the technology revolution in India. Some of the prominent technology players which are contributing to this mega change are enlisted below;

Auxesis Group

Auxesis group is innovative fintech and blockchain based solution provider. It provides distributed ledger technology solutions that would transform Banking, Insurance, Supply Chain, and Capital Markets. Auxesis group is now focusing on private blockchain solutions to help companies work collaboratively for greater success. It is recognised among the 100 most influential blockchain companies across the globe.

The company recently developed Auxledger, an enterprise grade Blockchain infrastructure for enhanced performance, security and scalability. It is functionally deployed in a number of organisations and powering over 50 million users and growing. The aggressive expansion plans continue to develop India’s first Blockchain Lab to create Blockchain for military organisations in collaboration with IIT Bombay and Delhi University. With its recent association with Quattro, VISA and DCB Bank, it will support the launch of prepaid VISA card by State Govt of Andhra Pradesh.

Primechain Technologies

Primechain Technologies is a blockchain based company founded with a vision of building blockchains for a better world. It manages Bankchain, a community of banks and financial institutions created to explore, build, and implement blockchain solutions. Primechain-CONTRACT is private permissioned blockchain based flagship product launched by company for contract management. The company aims to provide financial solutions to improve security, efficiency, and transparency in financial transactions.


EzyRemit is an innovative blockchain and fintech solutions company specifically serving to the remittance market. This company integrates blockchain technology and banking industry to develop better financial solutions for global community. The primary areas of work include cross border remittances, blockchain based digital identity, blockchain based digital certificates and gift cards wallet on blockchain.

Satoshi Studios

Satoshi Studios is the Southeast Asia’s First Blockchain Incubator headquartered at New Delhi. The company was found with a vision to provide seed capital, guidance, and proper infrastructure to the blockchain startups in India and South-East Asia. Satoshi Studios is actively building a blockchain community consisting of entrepreneurs, developers, strategists, and angel investors. The idea of incubator has got support from Roger Ver, first generation bitcoin business investor and CEO of, Mr Amit Bhardwaj, Founder of GBMiners, and Indian Bitcoin entrepreneur, and Michael Terpin, Co-Founder of BitAngels and angel investor in bitcoin and cryptocurrency ventures.


Signzy Technologies work towards providing digital trust solutions based on blockchain and artificial intelligence technology. It develops a system that uniquely identifies individuals and simplifies the digital regulatory processes. Signzy aims to reduce time and cost incurred by financial institutions in KYC norm compliance. It also minimizes risk of fraud by providing a more secure, reliable, and efficient method to run background verification checks. The company has launched its first API in May 2016 and several others are in commercial production. Signzy was recently awarded as the most innovative solution at RBI’s (Reserve Bank of India) Payment Innovation contest.

uTrade Solutions

uTrade Solutions is a fintech company transforming the trading industry. It specializes in algorithm trading platforms for traders, investors, and brokers. The company aids smart trading by providing comprehensive risk management solutions. It has recently launched uClear, India’s first blockchain based solution that allows real time clearing and settlement of contracts across the financial market. The UK based Global Markets Exchange Group (GMEX Group will be the first to integrate uClear through its GMEX Technologies. Hashcove is a subsidiary of uTrade solutions which builds global platforms to transform digital information, micro-payments and blockchain based business models.


KrypC is a blockchain based fintech solution provider. It enables customers to create digital assets, build business rules for asset flow and validate business transactions using distributed ledger technology (DLT). The company offers specialized connectors for the financial industry for money transfer, trade finance and loans. It also holds intellectual property in the field of digital currency, security, mobile wallets, and payment solutions.

Sate Development

Sate Development is India’s first full service cryptocurrency and blockchain based company. Starting as a blockchain consultancy in 2014, the company now caters to various clients across several industries. It assists clients in setting up mining farms for different cryptocurrencies, launch of initial coin offerings (ICO), post ICO blockchain development, and advise HNIs in cryptocurrency asset investments among other blockchain based products and services. Sate development uses blockchain technology as a strategy to provide solutions to the client businesses.

Psi Phi Global

Psi Phi Global is an innovative tech start up building blockchain based products and prototypes for healthcare, supply chain and enterprises. They use the distributed ledger technology to drive operational efficiency and cost reduction in supply chain. It also aims to deliver efficient healthcare services to billions by managing their health records.


RecordsKeeper is a blockchain-based data security solution provider. The combination of high-end encryption and blockchain allows create uneditable and verifiable records of any data types. This tool also serves as a proof of existence, authenticity and integrity of record, certificate, or a document on the blockchain.

MindDeft Technologies

MindDeft Technologies is blockchain based company which provides innovative solutions to complex problems pertaining to document management, content management, intranet portals and collaborations portals. It primarily caters to Healthcare, BFSI, Real Estate and Supply Chain.


Sofocle Technologies

Sofocle Technologies is a fastest growing tech start up focusing on building smart contracts and blockchain based innovative products. It develops and designs blockchain solutions in banking, finance, and other industries. The company also provides consultancy services to implement enhanced blockchain solutions.

Trestor Infotech

Trestor is India’s leading blockchain company which created its own digital and secure ‘Trest’. The Trestor network is designed to widen the economic access and make it available to everyone. The ‘Trest’ are digital equivalent of cash which can be transferred from one person to another anywhere across the globe without any transfer fees. The company envisions to bring benefits of blockchain to the unbanked population.