Dubai is set to host a two-day global blockchain technology summit in May in an event that will explore potential impacts and opportunities for the digital technology.

Blockchain is a digital ledger and its most popular usage is in bitcoin and other cryptocurrencies whose transactions are recorded in a multiplicity of computers globally.

The event dubbed Future Blockchain Summit 2018 is expected to bring together governments, companies and startups around the world to decode the multibillion-dollar opportunities in blockchain technology.

Experts reckon that this digital technology is expected to transform the world and store more than 10 per cent of the global gross domestic product by 2025.

"The summit is the focal point for global dialogue and will act as an experiential showcase of the far-reaching progress, opportunities and impact of blockchain,” said Aisha Bin Bishr, director-general Smart Dubai Office.

Smart Dubai Office, a state entity in the emirate, is conducting government and private organisation workshops to identify services that can be best enhanced by blockchain adoption.

The agency is mandated to deliver the ambitious Dubai Blockchain Strategy in partnership with the Dubai Future Foundation.

Blockchain Summit 2018 is the first global inspirational festival of global adoption of the technology across all industries has been organised by Smart Dubai Office and Dubai World Trade Centre.

Dubai, which plans to be the world’s first blockchain-powered government, has set 2020 as the year all visa applications, bill payments and licence renewals would be transacted digitally using blockchain technology.

"As companies and governments leverage this new technology on the block and as Dubai powers its way to become the first blockchain capital of the world, the buzz has built around the summit as the big one to watch in 2018,” said Brian Behlendorf, executive director at Hyperledger.

Agencies