In April last year, after an announcement made by the Vice President and Prime Minister of the UAE, the Government of UAE started to work on the Emirates Blockchain Strategy 2021. This strategy was started to rake in the benefits of blockchain technology to enable 50% of government transactions to be performed on a blockchain platform by 2021.
The government aims to use the virtual ledger technology to help save time, effort and assets, and aid people in processing their transactions anytime and anywhere, suiting the busy lifestyle and hectic work schedules that people follow nowadays. The UAE government anticipates that by implementing this futuristic technology, it will be able to save:
- AED 11 billion ($2.99 billion) spent routinely on transactions and document processing
- 398 million documents printed annually
- 77 million annual working hours
UAE is on the way to digitize their transactions using blockchain technology. The country will be assigning each citizen with a unique identification number that will point to all the information about them on the security chain. Blockchain ensures the safety and security of all the information and data; it is near to impossible to hack or alter data on the network. Therefore, this will ensure the security of official documents and transactions, hence gradually reducing operational costs and hastening the decision-making process.
The UAE strategy comprises four pillars that are as follows: Focusing on the happiness of the people, increasing government competence, progressive legislation, and global entrepreneurship. Dubai aims to position itself to be at the top of the game in the technology front through the formation of the Global Blockchain Council and implementing city-wide projects in collaboration with technology firms.