How Can The UAE Become The Happiest Country With Blockchain?

How Can The UAE Become The Happiest Country With Blockchain?

December 3, 2020

Blockchain is rapidly gaining popularity in our everyday lives and almost every country is looking forward to embracing this new technology. Blockchain offers a wide variety of advantages and the UAE is at the forefront of adopting it.

Sheikh Abdullah, a member of the royal family in Fujairah, the eastern emirate of the UAE on the shores of the Gulf of Oman, supports the blockchain project Crypto Price Index (CPI), which is engaged in the creation of a cryptocurrency analog of the Dow Jones index. CPI will be formed on the basis of the key indicators of the top 200 cryptocurrencies and, according to the developers, most accurately reflect the overall situation in the market. 

The Crypto Price Index team, led by Herbert Lowe, intends to make CPI a single and reliable source of up-to-date data for digital asset markets, providing valuable information to traders and other market participants. Earlier, another member of the royal family, Sheikh Ahmed bin Saeed Al Maktoum, announced his support for the Invao project, which invests in the cryptocurrency market. 

UAE to become a leading center

The UAE, supporting such initiatives, expects to become a global center of blockchain technologies as early as 2021, according to the development strategy approved in April. The strategy of using blockchain technologies is based on three pillars: state efficiency, industrial development and strengthening of leadership in the international market. The decision to develop blockchain technology in the UAE is the result of the cooperation of representatives of various initiatives implemented with the support of the state. For example, the Dubai-based Smart City Program and the Dubai Future Foundation, which continually explores and evaluates the latest technological innovations that make Dubai more comfortable and safer, and its residents happier. 

It should be noted that one of the first fields where the incorporation of Blockchain is planned, is the Forex industry. The UAE has a relatively unusual history with trading amid the religious background in the country, however, Forex brokers in UAE are gradually increasing and almost half of the population trade various instruments.

To implement these programs, the UAE has already attracted such giants as IBM, Cisco, Microsoft, etc. It is noteworthy that the government of the UAE is not limited to participation in foreign projects like Crypto Price Index and Invao, but also deals with its own. All projects serve as links of large-scale infrastructure, which will allow the use of cryptocurrency every day without any difficulties and obstacles. Large-scale initiatives of the application of blockchain technologies To the delight of blockchain enthusiasts, traders, investors, and other representatives of the cryptocurrency market, good news from the Emirates comes with enviable regularity. 

Dubai’s economy is moving to a new level of informatization with a single blockchain platform for business. The country is moving towards the goal of becoming the first blockchain government in the world.

The “happiest people” in the world

A little earlier, The IT Director of the Abu Dhabi Municipality, Ahmed Al-Hammadi, announced his intention to move the registry to the SmartHub blockchain platform. In his opinion, this will significantly contribute to the growth of the quality of services provided in the real estate sector. It is noteworthy that all initiatives within these programs and projects ultimately pursue one main goal – to make the inhabitants of the country the happiest on earth. 

Such statements slip through in all interviews of responsible persons. The UAE government has spent more than $35 billion on services and high technology to abandon the commodity economy model (UAE is a major exporter of oil and gas). Back in 2013-2015, oil and gas accounted for about 40% of GDP, whereas now no more than 25-29%, according to estimates of various sources. This allows the country not to be so dependent on world prices, not oil. As a result, the Emirates was not affected in 2016, when the price of oil fell by almost half. In all new sectors of the economy, primarily related to high technology, only UAE citizens work, while draft work (for example, construction) is carried out by foreign labor. 

According to the top officials of the UAE, citizens will become more professional and more effective when they are happy. Therefore, the concern for happiness is economically beneficial, and the development of high technologies, like blockchain – it’s new jobs, new markets, and, accordingly, new incomes.

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