WGS 2019 Saw the Amalgamation of Blockchain Technology as an Integral Part for Dubai

Blockchain technology is indeed a great invention, which if enforced correctly, can be of great significance across industries and governments. The long journey of its successful enforcement was reviewed during a session on “The Road to Digital Economy: The Role of Blockchain”. The session was held in association with the International Monetary Fund (IMF), during the World Government Summit WGS 2019.

The representatives at the session consisted of Her Excellency Dr. Aisha Bin Bishr, Director General, Smart Dubai, UAE, Therese Couture, Director of the Treasury Operations Department, World Bank, Siim Sikkut, Government Chief Information Officer, Republic of Estonia, Promoth Manghat, Executive Director and CEO, Finablr, and Nelson Chow, Chief Fintech Officer, Hong Kong Monetary Authority.

The session stressed on using blockchain technology by governments, as well the opportunities and drawbacks, various application of the technology, regulatory issues and the rapid public interest on blockchain technology

Bringing investors closer to enforce the blockchain technology is regarded as a challenge that governments are facing. Dr Aisha Bin Bishr stated that they know it very well that blockchain can help to make life much easier as well as secure; however, the basic enforcement needs to work. The Dubai government is working on it with great energy in order to ease and assist the right execution of the blockchain technology.

For instance, the Estonian government while discussing on the use of blockchain stated that using this technology for the proper functioning of the government is very crucial. As technology is driven by productivity, Siim Sikkut stated that his government is experimenting with various digital advancements.

The session ended with a collection on the efficacy of blockchain technology and the life-changing power it possesses to help out governments and organizations.