(2 minute read)
Alright, so you're probably asking why we're talking about blockchain when we're a Dubai based film production agency. Yes, we love storytelling, content, video, and all that jazz, but we also have other passions - Blockchain being a BIG one. What is Blockchain you may ask?
Blockchain technology is a new, powerful tool that is already shaping the future of the Internet with simple, safe and secure transactions. Dubai, a growing metropolis and thriving business hub could unlock exponential potential should they adopt the rapidly evolving technology. How?
Good question, but first heres a quick 2 minute infographic video explaining how blockchain works then our take on 3 ways Blockchain can help the city of Dubai.
3 Ways Blockchain Can Help Dubai Businesses
- As anyone thats lived or worked in Dubai knows, applying, verifying or getting access to your government documents or records can be a painful process. For example: getting proof of your identity or proof that a car or real estate title was exchanged. Today, you have to bring your documents in person and the relevant agency stamps it. This is an inefficient, mistake-prone way to do business in a digital age. If your records were on the blockchain, these mundane tasks would be a thing of the past and would allow for a much more efficient way of doing business.
- Businesses in Dubai transact billions of dirhams daily, but costly transaction fees hinder innovation and growth. Cryptocurrency being the underlying root of the blockchain allows for seamless, verified and instant transactions. Not only are transactions made almost instantly via the blockchain, but their costs are a fraction of what a traditional financial institution (your bank) would charge. Unlocking these savings would allow for businesses to thrive. This is also the case for payments. Has a client ever promised you payment upon delivery or within 30 days of handing over your film content? With the implementation of blockchain, your payment can be funneled into a blockchain ledger (escrow) and your payments would be released automatically over the blockchain once approved.
- With so much business happening in Dubai its no surprise that tons of data is stored and exchanged daily across the internet. For fluid transfers thousands of businesses turn to cloud computing/storage. While this is a great solution, centralized data centers are highly prone to hacking, a decentralized solution which would enable files to be stored across the blockchain located on millions of local computers would not only protect businesses but also save them millions in storage fees compared to traditional services such as Amazon's AWS.