We live in times where technology is growing at an unprecedented rate and something new is always bowling over the market. Blockchain technology is the next big thing and is currently the hot topic of the market. It is an open decentralized database where every transaction that has taken place since its inception gets stored in the form of blocks. It is a technology that saves time, effort and reduces chances of fraud since it’s an open network. This technology can be used for plethora of things and UAE is quick to realize the benefits of this. UAE aims to become a pioneer country in the adoption of blockchain technology which is why they have launched Blockchain strategy 2021. The UAE government plans to use this technology for government transactions at the federal level. The main driving force behind it is Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai who has launched this programme.
“50 percent of government transactions on the federal level will be conducted using blockchain technology by 2021,” said Sheikh Mohammed.
He also added that this will have a positive impact on the happiness levels of the citizens and will reflect on the UAE’s quality of life. Usage of this technology, as mentioned before, is estimated to save time, energy and resources. Mohammed has estimated that blockchain strategy will help his government save AED11 billion spent annually on document transactions and documents, 77 million hours of work, reduce government documents by 389 million, and save 1.6 billion kilometres spent driving.
The strategy’s bedrock is four fundamental pillars which are citizen and resident happiness, government efficiency, advanced legislation, and global entrepreneurship.This technology would increase the level of precision and efficiency of government transactions. Sheikh Mohammed’s government is taking some commendable steps towards promoting the blockchain technology. The UAE government has indicated that it will invest in courses, events, workshops, and reports to build its standing in Blockchain and support university education specializing in the field and related subjects like encryption.
The government is launching some exciting plans for the citizens which will be part of their blockchain stategy 2021. For example Dubai’s Roads and Transport Authority announced in February, that they plan to launch a blockchain-based vehicle lifecycle management system in 2020, that would allow customers to track the history of their vehicle. The global community is now looking at UAE as a model of development.