The government of the city of Dubai has officially joined the blockchain revolution. The city has just issued their own cryptocurrency called Emcash. Dubai’s economic deputy director listed several reasons for the decision to embrace the blockchain technology with the introduction of their own digital currency.
Some of the benefits of cryptocurrency include lower cost, quicker transaction times, and the potential for worldwide acceptance.
The payment system for Emcash is called Emwallet. The wallet has been designed to handle transactions as small as a cup of coffee as well as larger transactions such as college tuition. All of the Emwallet transaction may be conducted on a Smartphone.
Dubai, which has always been a futuristic city, is expected to introduce more innovations during the year. The goal is to build a complete blockchain economy. As blockchain becomes a reality in more governments and major cities, we are likely to see unprecedented changes into how governments do business. The fact that the blockchain offers complete transparency could change government for the better.