Dubai itself
has looked to position itself at the edge of innovation through recent
initiatives. It has announced its future plans to use blockchain technology to move all of the government’s transactions online
by the year 2020. In fact, ‘The Smart Dubai Office’ has won an award for its
Dubai Blockchain Strategy activity.

Blockchain
technology, initially designed as an appropriated

database list system behind Bitcoin, has
the potential to genuinely disrupt various
industries and make processes peer-to-peer, transparent, secure, and
proficient. It can be used by several
conspicuous elements in the Emirates including healthcare providers, Dubai
International Financial Centre and Dubai Multi Commodities Centre.

There are
many Bitcoin mobile wallets designed by mobile app development companies  with
loads of security features. They work just like an app and enable you to pay
effortlessly using your smartphone. The main function of cryptocurrency wallets
is to store your digital currency and provide you with a medium to exchange and
transfer cryptocurrencies.

Due to Bitcoin’s
flow, the total value of its
currency has grown at triple-digit rates every year. It is not
controlled by any central authority such as banks or governments. Whatever the genuine worth of Bitcoin, as of late it
has been blockchain technology that has seen the greater part of investment
from banks, governments, and large organizations, because it reduces the risk
of fraud. Without a
doubt, the future of Blockchain looks bright, and dynamic in a volatile way.

The
blockchain technology can be used as a platform to build helpful applications ,
which can be mended with solutions in the field of retail payments,
infrastructure, trade finance and syndicated loans, settlements, capital
markets, and consistence activities.

According to
a report from Financial Times, six of the largest banks in the world partnered
to create a new form of digital cash that would assist in clearing and settling
financial transactions over blockchain-based platforms. The Global Blockchain
Council includes 32 individuals including government entities and international
organizations such as Cisco, SAP, IBM, and Microsoft, and blockchain start-ups,
which are aggressively moving on towards a world powered by blockchain
technology. In fact, Emirates Islamic Bank has already integrated with
Blockchain technology to detect frauds in online transactions. 

The UAE
government recently announced that central bank of the UAE was working with Saudi Arabia to
issue a digital currency based on blockchain that would be accepted in
government transactions between the two countries. This
appears to be the first time two countries have consented to cooperate on such
a system, which Sfeir-Tait said was “unique, and an excellent initiative for
distributed leger technology”.

“Both
Saudi Arabia and the UAE have made open commitments leverage blockchain
technology as a major aspect of their strategy for the future. So, it is true
that they are adopting a proactive strategy to explore the use of cryptocurrencies,”
Lobrano said.

In 2016, an
innovation centre, Dubai’s Museum of the Future announced the formation of
research group focused on blockchain technology. UAE is working to set up the
nation as a major financial technology player and has just begun to try
different things with the potential uses of blockchain in public and private sectors.

International
companies, financial specialists foundations,
billionaires and even a few governments have influenced it to clear that
they will support and begin using blockchain
technology as a whole—it gives investors and cryptocurrency holders a huge
confidence boost.

FuGenX Technologies – the best mobile app development company UAE , is
capable of building cryptocurrency wallets, optimized to perform low-fee,
minimum-latency transactions. To get your own cryptocurrency wallet for your
business, reach us out at http://fugenx.ae/