The Gulf countries have been working on the unified tourist visa – similar to Schengen-style visa – for over one year
Transactions are stored in batches inside "blocks" that become part of a contiguous "chain," with each block time-stamped and continuously verified by the blocks that precede and follow it. This makes the ledger permanent and virtually tamper proof. Many organizations across the UAE have embraced blockchain. For instance, Emirates NBD's 'Cheque Chain' has integrated blockchain into issued cheques to strengthen their authenticity and minimise potential fraud. Cheque Chain utilises a unique quick response code which is printed on every leaf of newly issued cheque books. The code registers each cheque on the bank's platform. After the cheque is received and cleared, bank staff can validate the cheque's authenticity and access its source at all times, thereby helping to reduce the risk of forgery.
Ahead of the curve
Meanwhile, the Dubai Land Department, in partnership with UAE-based Mashreq Bank, has released a blockchain-based mortgage platform, which can serve as a repository for mortgage records. It is also designed to enable confirmation that mortgages comply with registration policies. Dubai is also aiming to be the first city to offer blockchain-based payment solutions to its residents. Emcredit, a state-backed subsidiary of the Department of Economic Development, is working on releasing 'emCash', a digital currency. After all, the intention of the pseudonymous creator of Bitcoin was to work "on a new electronic cash system that's fully peer-to-peer, with no trusted third party", and to create a network that prevents double spending.
The World Economic Forum (WEF) recently published a white paper analysing learnings from more than 60 governmental and nongovernmental entities across the UAE that are actively exploring or implementing blockchain. It estimated that "by adopting blockchain technology, the UAE government expects to save Dh11 billion ($3 billion) in transactions and documents processed routinely, 398 million printed documents annually and 77 million work hours annually."
The Gulf countries have been working on the unified tourist visa – similar to Schengen-style visa – for over one year
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