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Dubai Blockchain Policy Launched At 9th Smart City Expo World Congress In Barcelona

The Dubai Future Council for Blockchain, chaired by Dr Aisha Bint Butti Bin Bishr, launched the Dubai Blockchain Policy at the 9th Smart City Expo World Congress, held in Barcelona from 19th to 21st November, 2019.

The Council was formed by the Dubai Future Foundation, DFF, and held its inaugural meeting on 2nd April, 2019. It is part of the Dubai Future Council's initiative, launched at the beginning of 2019 by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Dubai Executive Council, and Chairman of DFF’s Board of Trustees, to find innovative solutions for strategic sectors and forecast their future over the next 50 years.

"Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai the happiest city on earth, the emirate has been steadfastly embracing advanced and emerging technologies to deliver an efficient, safe, and impactful city experience for residents and visitors," Dr Aisha said.

"Blockchain is undoubtedly one of the most prominent and promising of these breakthrough technologies. With that in mind, the Dubai Future Council for Blockchain sought to develop a policy to support government entities and private companies to implement the technology and form value-creating blockchain networks," she added.

The Dubai Blockchain Policy was drafted and launched following a meticulous process that included four consecutive stages. The first stage involved gathering and identifying challenges from multiple sources, while the second stage was about identifying a set of focus areas to guide the development of the blockchain policy, based on findings from stage one.

The third stage consisted of several workshops that brought together 68 attendees to discuss requirements and options for blockchain policies. The fourth stage evaluated the policy options against a set of guiding principles, including their ability to foster innovation, enable efficiency and drive the adoption of blockchain.

The policy comprises three core areas, first of which is Foundational Capabilities, which covers technology platform and services, architecture and standards, shared network services, and legal support.

The second is Network Governance, which includes several elements, namely, network ownership and membership, intellectual property, funding and monetisation, and network expansion.

The third area is Network Operations, which covers data formats and interoperability, data privacy and confidentiality, node and network security, audit and compliance, and communication and adoption.

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