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Blockchain Technology Disruptions Reshaping the Market


Ashok Chopra and Venkat Sankaran
Abstract

Dubai has always in the fore front of initiative and innovation. Since Dubai economy has only Six percent contribution of income from oil in its revenue. Dubai ranks 16th among innovation driven cities in world. Dubai realized importance of real estate as its key sector which carries on growth engine in its revenue. It continued alluring investment from global investors in its real estate market. Winning of Expo 2020 further added fuel to the fire of demand of real estate investment. Lately market witnessed excess supply which prompted real estate agents starting accepting payment in digital currencies (Cryptocurrencies). In the mean tine cryptocurrencies which are based on Blockchain as technologies started witnessing unrealistic swings in market which lead to Governments and regulators not accepting cryptocurrencies as alternative to current central system of currencies rather treat them as asset, stock or bond. Thus Cryptocurrencies even after having suffix as currencies suffered severe blow to its acceptance. All this raised new doubt which is Blockchain a sound as technology acceptance in other areas. Are crypto currencies are using right platform and if so firstly when these digital currencies would be accepted as alternative to current system, secondly if accepted would these make headway in investment in real estate and save Dubai real estate which is currently witnessing erratic demand and supply situation. So in essence in this case study we would understand basis of crypto currencies technology (Blockchain), its acceptance and stability as alternative to current system and how these cryptocurrencies can help save current scenario of Dubai real estate.

Volume 11 | 03-Special Issue

Pages: 1704-1710