Blockchain partners with Dubai government for 2020 digitization

Blockchain | January 23, 2017 By:

Blockchain has signed a partnership with the government of Dubai to help the municipality in its push to bring all government documents and transactions on a blockchain by 2020.

Speaking at the World Economic Forum this week in Davos, Switzerland, Blockchain CEO Peter Smith also revealed plans for expanding the company to gain a presence in the Middle East.

“I am very optimistic about the Middle East and we plan to invest big there. I’m really excited about it. It’s a great chance to build a new financial infrastructure in the region.”

“What’s exciting is that there’s this big drive for change in the economies. Saudi Arabia and the UAE want to leapfrog into the digital age in financial technology,” said Smith.

Khaled Biyari, chief executive officer of Saudi Telecom, said that Saudi Arabia was seeking to adopt fintech as part of its National Transformation Plan.

“We in the kingdom and others in the region have been addicted to natural resources and as a result we have been always subject to price fluctuations. The Saudi vision is looking to convert the focus towards investment in technology.”

Dubai unveiled plans to become paperless last year when it formerly launched the Dubai Blockchain Strategy. A collaboration between the Smart Dubai Office and the Dubai Future Foundation, the program focuses on leveraging blockchain technology to increase efficiency and cut costs. Notably, the initiative aims to put all of government transaction onto a blockchain network by 2020 and encouraging paperless transactions, cutting almost 100 million paper transactions annually.