emCash: The world’s first state sponsored Crypto-currency

Over the last half century, Dubai has managed to evolve from a small desert city to a metropolis of more than 3 million people. This country has managed to catch in the tech fever. The government announced that it will be rolling out automated flying taxis in the next 3 years. A real life robo-cop prototype was also revealed, bringing all our sci-fi dreams into reality.

To truly create a smart city, Dubai hopes to create a government that utilizes the blockchain technology to increase efficiency, transparency, and transform its economy. This block chain will power the platform that Dubai plans to create which will connect its citizens to public transportation, reduce energy consumption, create online libraries and resources for students and allow businesses to share resources.

“We want to make Dubai the first blockchain-powered government in the world by 2020,” Aisha Bin Bishr, director general of Smart Dubai, noted.

This blockchain strategy has paved a way to the creation of emCash, the first state sponsored crypto-currency

Ali Ibrahim, the deputy director of Dubai economy announced in a press statement “Founded on the latest block chain technology, emCash will be the digital currency in emPay wallet, launched by Emcredit to support contactless payments. emPay allows UAE residents to make varied payments, from their daily coffee and children’s school fee to utility charges and money transfers, through the near field communication (NFC) option in their phones. With emCash, emPay users will have the option of a secure digital currency, and merchants receive such payments in real time without going through intermediaries.”

This crypto-currency will serve as a seamless payment method in the economy, reducing times, costs and improving on the security and flexibility.

Dubai is making tremendous progress in its smart city initiative and with the introduction of its own encryption digital currency using block-chain its surely making an impact. While there is still 3.5 years to the 2020 vision of Dubai but these experiments that the government is undertaking will surely serve as a model for other cities willing to establish their economy on similar grounds.

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