It is without doubt that the United Arab Emirates (UAE) is among the world’s richest countries thanks to oil-rich deposits in its regions. However, the revenue streams of the UAE have seen some diversifications in the past. Before the discovery of oil in the UAE in the 1950s, its economy was primarily dependent on fishing and as a result, largely unsustainable. Today, in its persistence to move the country forward, the global hub for trade and commerce is currently domiciled in UAE.
From one point of view, development in the world is moving at lightspeed, as data is becoming the new oil in today’s world; behold, nothing works efficiently without data. From another point of view, blockchain technology is taking the lead in enabling efficient data transmission thereby greatly influencing the way that the world conducts business today. For a good number of years now, UAE is well-known to be a first-mover across revolutionary technologies and business domains. It is needless to state that the world’s capital of blockchain is now rapidly rising in the Middle East.
Behold, UAE is staunch supporter of blockchain technology. This fact became evident after the launch of Emirates Blockchain Strategy 2021. This blockchain strategy is aimed at capitalizing on the blockchain technology to transform 50% of government transactions onto the blockchain platform by the year 2021. Such innovative thoughts are often influenced and encouraged thanks to its government and investment-friendly business environment. This very initiative will result in an impressive cost savings of AED 11 billion in transactions and documents processed routinely, 398 million printed documents annually, and 77 million work hours annually.
Dubai, dubbed as the “city of the future”, in 2017 announced its plans to come up with robot cops, autonomous vehicles on its roads, and flying taxis in the coming years. As of the writing time, Dubai, a member state of the 7 emirates of the UAE is on mission to become the world’s first blockchain-powered government. By the year 2020, the emirate wants all visa applications, license renewal, and bill payments, which account for over 100 million documents each year, to be transacted digitally using blockchain. Such initiatives have created and established a favorable environment in the Middle East for blockchain startups to strive best.
What is Burency?
Burency is one of the best revolutionary cryptocurrencies that is based out of Dubai. Burency exchange is a fully-insured cryptocurrency exchange that is transparent, regulated, user-friendly for experienced traders, investors, and first-timers alike. The Burency project is headed by Founder & CEO Mohammad Mazen and a team of competent professionals who have varying degrees of expertise and experience working in various fields related to blockchain, finance, marketing, and more.