  The 5$d$ transition metal oxides, in particular iridates, host novel
electronic and magnetic phases due to the interplay between onsite Coulomb
repulsion ($U$) and spin-orbit coupling (SOC). The reduced dimensionality
brings another degree of freedom to increase the functionality of these
systems. By taking the example of ultrathin films of SrIrO$_3$,theoretically,
we demonstrate that confinement led localization can introduce large magnetic
anisotropy energy (MAE) in the range 2-7 meV/Ir which is one to two orders
higher than that of the traditional MAE compounds formed out of transition
metals and their multilayers. Furthermore, in the weak correlation limit,
tailored terminations can yield multiple Dirac states across a large energy
window of 2 eV around the Fermi energy which is a rare phenomena in correlated
oxides and upon experimental realization it will give rise to unique transport
properties with excitation and doping.
