The United Arab Emirates (UAE) has reaffirmed its goal to digitize 50% of government transactions using blockchain technology by 2021, after announcing it would start implementing the Emirates Blockchain Strategy 2021.
The Emirates Blockchain Strategy 2021 utilizes blockchain to digitize public services, with the aim of helping people go about their daily lives more easily. The technology is also expected to help the government save US$2.99 billion on transactions and document processing, 398 million documents printed, and 77 million working hours annually.
Citizen identification is among the public services which will be digitized with blockchain. Immutable personal information of each UAE citizen will be stored on the security chain, making it nearly impossible to hack or alter data on the network.
The technology will ensure the security of official documents and transactions with less operational costs and a faster decision-making process.
“Blockchain is one of the most promising technologies to appear on the world stage in recent years and Dubai has already made remarkable accomplishments in the sector, launching a blockchain strategy and hosting international blockchain conferences that bring together influential international experts,” said Dr. Aisha Bint Butti Bin Bishr, director general of Smart Dubai.
The Four Pillars of the Emirates Blockchain Strategy 2021 are:
Dubai has formed the Global Blockchain Council and launched blockchain-based projects in collaboration with tech companies in its effort to become the leading nation in blockchain.
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