Smart Dubai released a report titled ‘Decentralized Data for Dubai’ within which it has partnered up with Outlier Ventures to explore the prospect of using data, the fourth industrial revolution, and Web 3.0 in smart city building.
The report found that the prevalence of emerging technologies such as Internet of Things (IoT), artificial intelligence (AI) and distributed ledger technology (DLT), could, in the near future, transform cities to become smarter and more efficient. The study also addressed the role of open networks and their importance in shaping the next stage of open smart city data infrastructure.
The report found that by 2050, around 68 per cent of the world’s population will reside in cities which produce over 80 per cent of the global GDP. Data is expected to be the catalyst which will produce megacities. However, new technology and growth bring new challenges such as to infrastructure, transport, healthcare and communication.
According to the study, while public-private partnerships have tremendously helped the creation of networks, the challenge is connecting individuals and data to truly leverage the benefits of these networks.
By 2025, the amount of data produced yearly will reach approximately 180 zettabytes and the amount of times an individual is expected to interact with communications devices will reach an average of 4,800 times per day (which accounts for 1 interaction every 18 seconds).
Assistant Director General of Smart Dubai and CEO of the Dubai Data Establishment, Younus Al Nasser, said, “Smart Dubai is on a mission to establish Dubai as the world’s smartest and happiest city. All of our efforts and plans are aimed towards the ambitious objective of reinventing the city as we know it, taking services to a higher level, and addressing any and all challenges standing in the way of the bright future we strive to build.”
He added, “With that goal in mind, we are looking to tap into the massive potential of technology- and data, in particular- to promote innovation and create value for our communities, companies, partners, and investors in the UAE and abroad. We are eager to explore and develop our partnership with Outlier Ventures, and this report we are launching today marks the beginning of our journey to explore data decentralization and facilitate the effective secure exchange of data.”
He went on to state that they plan to build an ”open, collaborative, and innovation-friendly environment” where emerging technologies and smart cities could “flourish”.
CEO of Outlier Ventures, Jamie Burke stated, “At Outlier Ventures we believe the convergence of technologies like blockchain, Internet of Things (IoT) and Artificial Intelligence (AI) will accelerate a new Web. One that is more decentralised, peer-to-peer, automated and increasingly autonomous. A place in which people, machines and their agent-based digital representatives exchange value in a frictionless way to organize and optimize the world around us.”
He also added that the web as we know it today “evolved in a direction its creators didn’t foresee.”
“It’s an economic model policy makers and the world at large are now realizing is sub-optimal, unsustainable and one that holds back innovation. D3 is a bold move by Smart Dubai that signals its belief in the potential of truly open data to unleash economic and societal value.”
This project fully recognizes and believes that data is the first limitless digital asset the world has ever seen. The project which features finding new ways to organize data using decentralized structures, will accelerate Dubai’s journey towards digital transformation.