As per the agreement, Chainalysis will train the government establishment on blockchain and its applications.
Chainalysis UAE Decentralized Center
The popular blockchain platform has a decentralized hub in the UAE dubbed “UAE Chainalysis Center of Excellence.” Accordingly, the center is to equip government officials with knowledge about blockchain and decentralization.
Moreover, the Ministry of AI and Digital Economy noted that decentralized platforms are beginning to shape the financial and technology ecosystem. The UAE is positioning itself as a force in the digital space, not just in the Gulf region but worldwide.
The Minister of State for artificial intelligence, Omar Al Olama, revealed that the key to the UAE’s economic growth lies in applying Blockchain technology.
Al Olama further added that blockchain technology contributes to efficient service delivery in government and innovation.
Meanwhile, the UAE has extensively collaborated with leading blockchain companies to enhance the emirates’ readiness for blockchain implementation for public services. The partnership will also strengthen technology transfer and experience for global domination.
UAE’s Push for Blockchain Integration in Government
Before the recent partnership, the Gulf nation has been making efforts towards adopting Blockchain technology in government as it works towards achieving future economic growth.
The Dubai Virtual Assets Regulatory Authority (VARA) moved to the Metaverse in May. VARA developed its Metaverse head office, which placed it as the first government regulatory body to set up a base in the virtual ecosystem.
Sheikh Mohammed bin Rashid, the ruler of Dubai, created VARA to spearhead his vision of making the emirate a global blockchain and metaverse hub. Since its establishment, VARA has been managing the crypto-assets space in Dubai and creating the regulatory framework to address investment-related issues.
On the other hand, the Abu Dhabi Global Market (ADGM) is to partner with stakeholders and regulators to craft working guidelines to oversee the emerging technology space.
Furthermore, the UAE has not shied away from showing its ambition and desire to succeed in the unpredictable digital space. While others are still waiting on the sidelines, it strives to be the global leader in blockchain and crypto investment.
With close to $7.18 billion in valuation as of 2022, the global blockchain industry is projected to reach $164 billion by 2030. The new partnership between Chainalysis and the UAE will no doubt contribute to the future valuation of the global blockchain market.
As one of the pioneers in digital infrastructure, the UAE already has some competitive edge above its peers. It has set the plan in motion to accelerate the digital transformation of the emirates and the Middle East region.
Chainalysis will train government entities on blockchain technology, its applications, economic prospects, and virtual assets.
It is time to trust blockchain technology, as the UAE has shown because blockchain is the future of technological innovations.