The government of Dubai has revealed its own blockchain-based cryptocurrency, called emCash.
The cryptocurrency emCash, is an encrypted blockchain-powered digital currency that would enable citizens to pay for government and non-government services alike. UAE residents can use the digital currency via an emPay wallet app installed on their smartphones.
The digital currency is developed with a partnership between Emcredit, a subsidiary of Dubai Economy and UK-based blockchain startup Object Tech.
The blockchain deployed "allows for shared ledgers so that control over payments is not limited to any single member in the emPay ecosystem and transactions are recorded instantaneously," explained Emcredit CEO Muna Al Qassab.
"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," explained Ali Ibrahim, deputy director general of Dubai Economy. "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."
Dubai Economy is the government body responsible to plan and implement the economic agenda of Dubai.
As a digital currency, cryptocurrencies have advantages, like for example, faster processing, improved delivery time, less complexity and cost.
With emCash, Dubai aims to change the way its citizens live and do business in the city. At the same time, this marks Dubai's giant leap for the city in harnessing game-changing innovations to improve ease of business and quality of life.
Previously, the government of Dubai has already partnered with Object Tech to develop digital passports for travelers visiting Dubai, using blockchain technology. Smart Dubai Office which is a government-backed initiative led by the Crown Prince of Dubai, has partnered a financial technology firm to develop a citywide blockchain payments system. This particular effort focuses in getting existing 38 partner government entities, financial institutions and other city departments connected over a blockchain payments platform.
With more and similar efforts to use blockchain technology, Dubai sees itself to become the world’s first blockchain city.
