A couple of days back on April 11th, according to reports from the Dubai Media Office the ‘UAE Blockchain Strategy 2021’ was launched by Sheikh Mohammed bin Rashid, Prime Minister and Vice President of the UAE and Ruler of Dubai. The goal of this launch has been identified as the county aims to become a world leader in adopting the innovative technology.
Whilst the launch of the ‘UAE Blockchain Strategy 2021’ His Highness Sheikh Mohammed bin Rashid announced that the adoption of Blockchain technology shall provide all the required help to the government’s groundwork for future challenges while also saving AED 11 bln (nearly $3 bln) that the government spends every year on document circulation.
Other than that, his highness also calculated that by adopting the technology it would also have other major benefits like saving millions of work hours, reduce government documents by 389 mln, and also saving 1.6 bln kilometers driving expenditure.
According to the Ruler of Dubai’s statement, it reads:
“By embracing this technology, it will directly reflect on the quality of life in the UAE and improve happiness levels for residents. By the year 2021, 50 percent of government contracts on the federal level will be performed with the utilization of the Blockchain technology… This technology will reduce struggles, while also saving time and resources and permit folks to conduct nearly all their transactions while maintaining punctuality and in a manner that suits their lifestyle and work.”
The strategy has been based on four fundamental principles, which are focussed on “ government efficiency, citizen and resident happiness, advanced legislation, and global entrepreneurship.”
The UAE government aims at investing in “ events, courses, workshops, and reports to develop a firm grip on its standing in Blockchain” while also “ providing support for university education which focusses in the field and associated subjects like encryption.”
Two months back in February 2018, plans of launching a Blockchain-based vehicle lifecycle management system in 2020 was announced by the Dubai Roads and Transport Authority. The idea behind this launch is that it will enable clients to track the history of their vehicle.
Also in March 2018, plans of launching a virtual Blockchain-based tourism-specific marketplace under its Dubai 10x initiative was announced by the Country.
According to the announcement it was revealed that the marketplace will link all tourist organizations involved in planning trips through the Blockchain, and further presenting guests with transparent, “real-time” pricing and choice in Dubai’s tourist inventory.