Dubai will use blockchain for government documents

BitcoinDubai is seeking to gain a reputation for financial technology with a plan to use a blockchain system for government documents. A form of distributed ledger technology, blockchain gained notoriety as the database system underlying Bitcoin and other crypto-currencies. According to report by the UAE's official news agency, the proposed blockchain system will allow personal and business data in the country to be accessible to all government entities, banks, insurance firms and others by 2020. "We have directed the Dubai Future Foundation to oversee the strategy and to benefit from the expertise it accumulated through the initiatives of the Global Blockchain Council," said Hamdan Al Maktoum, the crown prince of Dubai, in the report. Although it is closely associated with Bitcoin, blockchain technology has applications for a wide range of activities beyond crypto-currencies. These include the clearing and settlement of transactions, collecting royalties on music or videos, and management of dividend payments. ©2016 funds global mena

Executive Interviews

INTERVIEW: Protecting the investment

Nov 23, 2017

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

EXECUTIVE INTERVIEW: A natural interest in the topic

Mar 08, 2017

Since 2016, Guillermo Ortiz has been a chairman of Latin America’s BTG Pactual. The former central banker of Mexico talks to Nick Fitzpatrick.

Roundtables

ROUNDTABLE: Charting the pace of reform

Nov 23, 2017

Saudi Arabian index inclusion, the onset of taxes and the Dana Gas controversy were among the issues discussed by our cross-industry panel. Chaired by George Mitton in Dubai.

SOUTH AFRICAN ROUNDTABLE: Spirit of Ubuntu

Mar 08, 2017

The move to a three-day settlement cycle, the appearance of new stock exchanges, and recent rules on hedge funds were discussed by our panel in Cape Town. Chaired by George Mitton.