the Blockchain Oasis of the UAE: From Public to Private Sector

Conversely, the government of the UAE and Dubai have been the driving force behind the promotion of blockchain use in the country.

A central part of the initiative is to improve government efficiency by using blockchain technology, in the hopes of making Dubai a global leader in the space.

According to Smart Dubai, blockchain technology could redistribute up to 25 million hours of economic productivity by removing the need for paper document processing.

"Considering the vision which the Dubai government has set on being the 'blockchain capital' and the commitment for having most if not all of the government applications on Blockchain by 2020, Dubai is one of the most pro-blockchain governments in the region."

Over the past two months, the UAE and Dubai have made significant progress in realizing some of the goals outlined in the Smart Dubai initiative.

The tourism sector in Dubai is also expected to benefit from blockchain technology.

The Dubai Tourism Blockchain Marketplace will reportedly provide tourists with a platform that features real-time, transparent pricing of Dubai's hotels availability.

Blockchain technology is also being leveraged to improve other areas of life in Dubai, from the streets of the city to its courts.

The UAE Blockchain Strategy 2021 is a clear indication of the efforts being made by the country to foster the development of blockchain to improve its own governance and the quality of life for people in the region.

As Dubai and the UAE continue to explore and develop technology with the use of blockchain technology, as well as provide a guideline for the use of ICOs and cryptocurrencies, the outlook in the region seems positive.