Dubai Goes Blockchain to Become Fintech Hub for The East

first what is btc and cryptocurrency and blockchain

What is the meaning of bit coin?
Bitcoin is a digital currency (also called crypto-currency) that is not backed by any country's central bank or government. Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment.

How a Bitcoin is made?
New bitcoins are generated by a competitive and decentralized process called "mining". This process involves that individuals are rewarded by the network for their services. Bitcoin miners are processing transactions and securing the network using specialized hardware and are collecting new bitcoins in exchange.

How old is Bitcoin?
Bitcoin is 8.36 years old.
The software has been running and the blockchain has been growing since January 3, 2009 at 2:15PM EST, when the genesis block was created. The paper, Bitcoin: A Peer-to-Peer Electronic Cash System, was published on October 31, 2008 at 2:10PM EST.

What is mining in Blockchain?
Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.

Is the Bitcoin legal?
Bitcoin is of interest to law enforcement agencies, tax authorities, and legal regulators, all of which are trying to understand how the cryptocurrency fits into existing frameworks. The legality of your bitcoin activities will depend on who you are, where you live, and what you are doing with it

What is block chain technology?
What is a 'Blockchain' A blockchain is a public ledger of all Bitcoin transactions that have ever been executed. It is constantly growing as 'completed' blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order.

Cryptocurrency Trading is the Forex (Foreign Exchange) of cryptocurrencies. This means, you are able to trade different bitcoin and altcoin normally for USD and BTC. Cryptocurrency Trading is an alternative way to get involved in the Crypto-World!

Dubai Financial Services Authority (DFSA) and the Securities and Futures Commission (SFC) in Hong Kong cemented an agreement on fintech cooperation between the two authorities, with the intention to pave the path for startups in the MENA and East Asian markets. In a press release, Mr. Ian Johnston, the Chief executive of the DFSA, said that providing a regime that “fosters innovation in the Dubai International Financial Centre (DIFC) is a strategic priority.”

Major projects
This wave of digital innovation comes as part of the government’s plan to become the first Blockchain government by 2020. Some of Dubai’s recent Blockchain ambitions by 2020 include:

Reducing the cost of document processing by billions of dollars through eliminating manual processing of residencies, passport documentation and visas through a partnership with ConsenSys.
Improving governmental operations and Islamic banking by moving inter-governmental paperwork onto the Blockchain through a new local startup called ArabianChain.
Several other Blockchain prototypes are currently being deployed by the Dubai government and the tech giant IBM, using Hyperledger’s Fabric tech.

It is, therefore, safe to say that Dubai no longer views Blockchain as a fad, and will likely be the world’s first in deploying fully functional governmental Blockchain services.