Dubai Sets All-Blockchain Goal by 2020

Blockchain, Innovation, News, Regulation | July 24, 2017 By:

A top Dubai official has said the country aims to become the first to use blockchain technology for all government transactions by 2020.

HH Sheikh Hamdan bin Mohammad bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of the Dubai Executive Council, made the remark at the CIOMajlis annual conference.

“Dubai is a frontrunner in adopting the latest technology and has set a goal to become the world’s first government to execute all implementable transactions on the blockchain by 2020,” said the Prince. “The government initiatives in this direction present tremendous business opportunities for the private sector in the UAE.”

However, he cautioned that there is one major obstacle to achieving that vision: “There is a current global shortage of object oriented programmers and developers. We need to ensure sufficient availability of trained manpower and as these opportunities are accruing across all sectors, we will see a lot of blockchain implementation in the near future across government as well as private sectors.”

Dubai has taken several steps toward achieving the goal. In June, the government partnered with UK company ObjectTech to create digital passports for use at the Dubai International Airport, a step toward eliminating manual verification.

The government has also planned a citywide blockchain payments system and is working to establish a check fraud authority using blockchain.