Blockchain Strategy 2021 Launched By The United Arab Emirates

Announcements, FinTech, Innovation, News | April 13, 2018 By:

The United Arab Emirates has launched the UAE Blockchain Strategy 2021 to help the country save billions on government transactions.

Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum unveiled the strategy in the presence of the Deputy Ruler of Dubai, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum and Minister of Cabinet Affairs and the Future His Excellency Mohammed bin Abdullah Al Gergawi and a number of ministers.

Under the strategy, 50 percent of government transactions will adopt blockchain technology over the next three years. This is expected to save AED11 billion ($3B USD) in transactions and documents processed routinely, and 398 million printed documents and 77 million work hours annually.

“The adoption of this technology will reflect on the quality of life in the UAE and will enhance happiness levels for citizens,” said Sheikh Mohammed. “50 percent of government transactions on the federal level will be conducted using blockchain technology by 2021.”

The strategy includes four pillars focusing on 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 consolidate its position in regards to the emerging technology.

Sheikh Mohammed is confident that blockchain can save time, effort, and resources in the UAE, helping users process their transactions in a timely manner.

Last month, Dubai Tourism (DTCM) released plans to launch a virtual blockchain tourism-specific marketplace as part of its Dubai 10x initiative. The marketplace is aimed at democratizing travel through the use of cutting-edge technologies. DTCM plans to add an “additional distribution channel for hotels” in the next two years, connecting via blockchain all tourist organizations involved in planning a trip, giving guests transparent, “real time” pricing and choice in Dubai’s tourist inventory.