United Arab Emirates (UAE) Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum has launched the UAE Blockchain Strategy 2021 on Wednesday. It is expected to save about $3 billion a year on document transactions, 77 million man-hours, reduce government documents by 389 million, save 1.6 billion kilometers spent on driving. It also aims to implement the technology at the government level. The UAE hopes to manage half of the government transactions with the help of blockchain within three years.
Blockchain is a technology that use records and link them together using cryptography. According to a statement on WAM, the UAE will use blockchain for digital transactions and giving each customer a unique identification number that points to their information on the secure chain.
The data on the blockchain cannot be changed which will ensure the digital security of national documents and transactions and minimize operational cost.
This strategy is based on four pillars citizen and resident happiness, government efficiency, advanced legislation, and global entrepreneurship. The UAE government will launch blockchain-oriented training courses, workshops, events and reports to secure its position in regards to the emerging technology.
During the launch 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.” said the Prime Minister.
This technology will save time, effort, resources and enable individuals to conduct most of their transactions in a timely manner that suits their lifestyle and work.