News coming out of Dubai today indicates that its ruler Sheikh Mohammed bin Rashid Al Maktoum has launched the “UAE Blockchain Strategy 2021” with the goal of making the region a world leader in adopting the new technology.
During the press launch, His Highness said that by adopting this technology, the UAE government would be prepared for future challenges and would make a saving of nearly $3 billion.
The savings will occur in the circulation of government documents. He explained that the UAE circulates around 389 million documents annually and delivery uses up 1.6 billion kilometres, not to mention the number of man hours spent on distribution of documents.
Sheikh Mohammed said: “The adoption of this technology will reflect on the quality of life in the UAE and will enhance happiness levels for citizens. 50 percent of government transactions on the federal level will be conducted using Blockchain technology by 2021… This technology will save time, effort and resources and enable individuals to conduct most of their transactions in a timely manner that suits their lifestyle and work.”
The UAE 2021 strategy is based on four principles: resident’s happiness, government efficiency, advanced legislation and global entrepreneurship. The government will invest in educational events, such as courses, workshops and commissioning of reports to achieve its goals, and it will also support specialised university courses in the field.
Dubai has already put in place a blockchain-based vehicle records system, which allows owners to track the history of their vehicle. And it has also announced its plans to launch a tourism marketplace on the blockchain as part of its Dubai 10x
initiative. The aim of this project is to connect all tourism organisation that plan trips to Dubai and by doing so enable guests to the Emirates a method of finding transparent, ‘real time’ pricing when looking for holiday accommodation.