The city of Dubai now has its own cryptocurrency. This new cryptocurrency, called emCash, runs on its own blockchain and is designed for various financial transactions. emCash uses the latest blockchain technology and works as part of payment system called emWallet. The digital currency has varied advantages – faster processing, improved delivery time, less complexity and cost, to name a few. The city will also have a shared platform, called Blockchain-as -a -Service (BaaS).
Dubai’s economy department collaborated with Emcredit Limited and U.K.based Object Tech Group, Ltd.to create emCash. This cryptocurrency is a product of Dubai’s partnerships through its Accelerators Initiative and was brought under the umbrella of the Dubai Economy Accelerators.
emCash uses blockchain technology and is part of a payment system called emWallet. emWallet can handles various types of transactions, from daily routine to utility charges and money transfers. In addition to this, Dubai will have a shared platform, called Blockchain as a Service, in order to promote blockchain’s use in numerous projects.
Furthermore, Dubai wants to be world’s first economy built on blockchain, and having its own cryptocurrency. This is something that differentiates Dubai and can enhance the economy across United Arab Emirates (UAE).
As Wall Street Journal reports, Smart Dubai, the government office responsible for innovation, plans to conduct organization workshops to identify which services have the potential to be best improved by blockchain. After this project, pilot projects in public and private sectors will be launched during 2018.
