The phenomenon that is the city of Dubai has become a global force to be reckoned with as Dubai aims to become “THE” city of the future, attracting tourism and business partnerships for all over the world. With this vision clearly in mind, Dubai has become a hub for the world’s latest and greatest technologies and state-of-the-art innovation. With talk around flying cars, a robotic police force, and the Hyperloop train, it only makes evolutionary sense that Dubai develop and implement the use of their very own cryptocurrency, EmCash.
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EmCash! Dubai’s own National Digital Currency
EmCash has been founded on the latest blockchain technology and has been launched by Emcredit, aiding the support of contactless payments. EmCash will allow residents of the UAE to make their daily payment using EmCash, and can pay for anything form their morning coffee, right up to their children’s school fees and utility charges. The joy here lies in the instant transaction speed that benefits both consumers and merchants, sending and receiving payments in real-time, without making use of an intermediary.
The government of Dubai has become joint partners with the city’s Accelerator Initiative to bring forth the creation of the regions first, and very own encrypted digital currency, complete with its own blockchain. EmCash works as part of the emWallet payment system, enabling the many different digital forms of payment. EmCash makes use of the nearfield communication (NFC) function available on supported smartphones to enable its contactless payment system. “Blockchain as a Service” is the additional of blockchain technology that allows the use blockchain in different projects.
According to the Deputy Director General of the Dubai Economy, Ali Ibrahim, the introduction of this cryptocurrency comes with the advantages of faster processing and improved delivery time, involving less cost and complexity than more traditional routes. Moreover, EmCash is going to change the way people live and do business within the region of Dubai, harnessing this game-changing technology to ease and improve the overall quality of life.
How EmCash Works
Every citizen in the UAE will be given access to the emWallet via their smartphones, and will be given the choice of two options when wanting to make a payment. Payments can be made using a regular dirham payment, or payment through the choice of EmCash. Payments made using dirham will be subject to the regular processing and costs of transacting, while choosing to pay using EmCash are send and received in real-time. Additionally, merchants will save on the transaction fees that would usually be paid to the intermediaries being used.
Paying with EmCash is another way of reducing fraud and fighting inflationary pressures, since the currency that is being issued is done so in real-time and is based on the actual demand. The blockchain set-up of EmCash allows for the use f shared ledgers, and is done so that control over payments is not limited to any one single member of the emPay ecosystem and that transactions are recorded instantaneously.
Dubai – The Blockchain Haven
With Dubai aiming to be the city of the future, their aims include that the city be the first in the world to build its economy that functions on a blockchain. The enormous potential that has been recognized by the government of the city of Dubai, through the use of digital currencies and blockchain technology, is responsible for the encouragement of innovation that is entering the region. Private and government organization workshops have been arranged, to develop and enhance the services that are already on offer through the use of blockchain technologies, positively impacting both the public, and private sectors. The development of a city-wide blockchain payment system is already underway, incorporating government entities, financial institutions, and other city departments, that are connected via a single blockchain payment platform.
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EmCash and the city of Dubai is a partnership that is going to change the lay of the land in its entirety. The introduction of the first economy striving for digital currency independence, and a wholly-run digital society is what the city of the future is well on its way to achieving.