Business & Money | Thursday 8 June, 2017 5:03 am |

Technology has permeated its way into all facets and aspects of life; concepts such as big data, analytics, IoT, cloud computing, and biometrics are the bedrock of some of the most innovative solutions used across all industries. With this heavy focus on digitalization, there is a massive amount of valuable data available online. Add to this, the influence of social media in one’s daily life and the amount of personal data available online is unfathomable.

Data breaches and cybercrime is a pressing concern, with sensitive data being targeted by hackers every other day. Reports indicate that the global cost of cybercrime will reach $2 trillion by the year 2019. Data security and the need for a tamper- proof technology is paramount. To increase security, organizations are turning to blockchain - the digital ledger technology that makes Bitcoin work. Blockchain is expected to change the world of the finance, healthcare and transportation industries; of late it has also been used in the smart city sector.

With governments across the globe undertaking initiatives and programs to make cities smarter, the blockchain technology has gained more momentum. To make the vision of smart cities a reality, a gigantic amount of ‘real-time’ data from multiple sources within the city is needed. Organizations and government entities alike are relying heavily on blockchain technology to protect data, eliminate security breaches and provide seamless transactions.

While it has been a few years since the launch of blockchain technology, the concept is still nascent in its adoption. Dubai is exploring the full potential of blockchain with the launch of the Global Blockchain Council and the Blockchain Strategy, making it the first city in the world to adopt blockchain technology within government services and initiatives. In line with its smart city vision, Dubai has plans to go paperless by 2020 and move to the blockchain network to promote paperless transactions. The Government’s smart city initiatives cover diverse aspects including transport, communications, infrastructure, electricity, economic services and urban planning.

At the 4th Annual Arab Future Cities Summit Dubai 2017, organized by global conference producers Expotrade, the topic of blockchain and the smart city will be covered in an interactive panel discussion. Four industry experts from SmartWorld, NXN Group, and Booz Allen Hamilton Mena will engage in a discussion that will look at how blockchain can help Dubai achieve its smart city objectives.

The summit will be held on 30-31 October 2017 in Dubai.