Blockchain technology in United Arab Emirate (UAE) is getting a strong backing just as the country’s government declared during the launch of “UAE Blockchain Strategy 2021.”
During the launch, Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid believed that the adoption would support the UAE’s preparation for future challenges and save AED 11 billion (nearly $3 billion) that the government spends on document circulation annually.
The blockchain technology is expected to save millions of work hours, reduce government documents by 389 million, and save 1.6 billion kilometers spent driving, Dubai Media Office reported April 11.
The launch is aimed at making the country become a world leader in blockchain technology.
In a statement he said:
“The adoption of this technology will reflect on the quality of life in the UAE and will enhance happiness levels for citizens. 50 percent of government transactions on the federal level will be conducted using Blockchain technology by 2021.
“This technology will save time, effort and resources and enable individuals to conduct most of their transactions in a timely manner that suits their lifestyle and work.”
UAE’s blockchain technology fundamental principles
The strategy rests on four fundamental principles, focusing on:
1) citizen and resident happiness,
2) government efficiency,
3) advanced legislation, and
4) global entrepreneurship.
The government is also taking a step further by investing in cryptocurrency-related courses, events, workshops and “support university education specialising in the field and related subjects like encryption.”
The latest move isn’t UAE’s first journey into cryptocurrency world.
Last month, Dubai released plans to launch a virtual Blockchain-based tourism-specific marketplace as part of its Dubai 10x initiative.
The marketplace will connect all tourist organizations involved in planning trips via Blockchain, providing guests transparent, “real time” pricing and choice in Dubai’s tourist inventory.
Countries and organisations who have forseen millions of opportunities in blockchain technology are continuing and will continue to invest heavily in it.
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