Blockchain Strategies in UAE
Vimal Ramachandran, Director
Blockchain and artificial intelligence are the latest buzzwords in technology, that has the potential to transfigure industries. The government of UAE realizes the power of these advanced technologies and the impact it has in promoting innovation and development in the country. A series of strategies and initiatives to promote latest technologies are the by-products of this realization.
The UAE government launched the Emirates Blockchain Strategy 2021 and Dubai Blockchain Strategy recently to capitalize on the technology.
The Emirates Blockchain Strategy intends to transform half of government transactions into the block-chain platform by the year 2021.
By embracing this technology, the UAE government expects to save:
- AED 11 billion in transactions and documents processed routinely
- 398 million printed documents annually
- 77 million work hours yearly
Another similar strategy related to blockchain is the Dubai Blockchain Strategy and it aims to make Dubai the first city fully powered by Block-chain by 2020 and the happiest city on earth. This will be made possible with the help of three strategic pillars, namely, government efficiency, industry creation, and international leadership.
A global block-chain council was established by the Dubai future foundation to explore, discuss applications of the technology and organise transactions via the platform. The Council that consists of 46 members will facilitate transactions across diverse sectors and enhance efficiency and reliability levels.
According to Marwan Al Zarouni, CEO of Dubai Block-chain Centre and member of the Dubai Future Council for Blockchain Technology, “The adoption of block-chain is so far very impressive and we currently have 40 projects in the pipeline in different sectors from both the government and private sectors. The new projects are piloted in new areas using artificial intelligence and the Internet of Things.”
These initiatives will create an impact on the technology by allowing a significant reduction in time, effort and resources. Facilitation of transactions is at the convenience of people and is considered as secure with trust and transparency.
Block-chain lacks a single point of failure. In addition to being efficient, the blockchain has other unique characteristics that make it a breakthrough innovation.
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