Blockchain Revolution in UAE

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Blockchain Revolution in UAE

Blockchain is the latest crypt currency which has changed the industry trends. It’s a revolution which has totally changed the modern business trends. It is giving a new shape to businesses and financial activities. UAE is one of those countries where technologies are adopted and accepted more than any other country in the world. We will be throwing the light on to its impacts, implementations and much more.  

It was all started, in 2018 and the government of UAE got introduced, National Blockchain Strategy. It was introduced to meet the modern trends, requirements and challenges in future. The three foundations of the rule were industry creation, leadership, and the efficiency. A proper regulatory authority was formed to manage the new rule and its implementations. A proper management and government team was the part of this new rule. A team is also required to implement new rules. The trusted authorities, which it has are known as;

  • SCA
  • DIFC
  • ADGM      

Different segments in UAE for examples Real Estate, IT, Company setups etc have recognized the block chain investments. UAE Real Estate transaction is being done in Real Estate sector. This modern and advanced concept also removes the risk factors and mitigates the uncertainty. Lawyers in UAE can also provide the most advanced knowledge. Lawyers in Dubai are known for making laws about blockchain in United Arab Emirates.

It is much important way to record the financial transactions. We can understand the phenomenon with one example and that is a Property Transaction. There can be a dispute of not getting or receiving the money even the ownership is transferred. But buyer can also have the counter argument that he has paid the money. Let’s suppose that buyer did not pay the money but he has still the right to claim that he has paid the money which is absolutely false.  

Blockchain is the solution that helps to reduce the risk in such financial transactions. This way a reliable 3rd party source is arranged to take the responsibility and finish the financial transaction.

It’s an availability of 3rd party supervision where the 3rd party regulates the entire deal. Blockchain creates the ledger for both parties. That ledger is updated with the consent of both parties.

  • Energy sector throughout the world has also adopted this. It allows them to sell energy like electricity.  
  • Banks and other financial institutions do manage the online accounts and trading. Top Exchange in world are using the blockchain technologies for the stock exchange trade and management.    
  • Even MEDIA and Production fields in do use the Block-chain technology for their, transactions and trade. 

What is Decentralization in Block Chain

Decentralization in blockchain means shifting control from one entity to another one. It uses the transparent functions to manage the decision making from a centralized entity to distributed entity. Blockchain does not allow any change or fraud. Either party is not allowed or make capable to alter the transactions or change it. It develops a temper-proof system.  

DUBAI is a HUB

Dubai is a hub to several, latest technologies, where DUBAI is just after to acquire the modern and latest technologies and equipment. DUBAI is the first place among all the Emirates where, this technology like other technologies were introduced and implemented. DUBAI introduced its law very first time in 2016. Therefore when it comes to discuss the Block Chain in UAE then Dubai leads it like several other technological innovations.     

Blockchain & Crypto Lawyers

There are several lawyers in UAE especially from DUBAI and ABU DHABI, where advocates are capable of providing knowledge and delivery of services. These are brand new concepts to the world where people do need to consult the advocates to grab the legal aspect of these new methods.  

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