Mohammad Bin Rashid launches blockchain strategy
Half of government transactions to adopt blockchain platform over next three years
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched the Emirates Blockchain Strategy 2021 yesterday.
Under this initiative, 50 per cent of government transactions will adopt the blockchain platform over the next three years, which the government says will save Dh11 billion in transactions and documents processed routinely. It is expected to save 398 million printed documents and 77 million work hours annually.
“Adaptation to advanced technologies and utilising them in serving society and enhancing the efficiency of government performance is a firmly established approach adopted by the UAE,” Shaikh Mohammad said.
UAE’s position
“We want to capitalise on this advanced technology to transform 50 per cent of government transactions into the blockchain platform by 2021 in order to cement the UAE’s position to be among the most advanced countries that are well prepared to deal with future changes,” he added.
Shaikh Mohammad said embracing this future technology would reflect positively on the quality of life in the UAE and enhance people’s happiness.
“The blockchain technology will help save time, effort and resources and enable people to process their transactions at the time and place that suit their lifestyles and work.”
Blockchain is a technology that utiltises records (called blocks) and links them together using cryptography.
According to a statement on WAM, the UAE will use blockchain for digital transactions, giving each customer a unique identification number that points to their information on the secure chain.