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UAE Plans Ahead, Launches Blockchain Strategy 2021

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The Government of Dubai reported on April 11th that the UAE will be adopting blockchain technology to become the “world leader” in this category. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said the “future industry” will be used to create the “Blockchain Strategy 2021”.

The adoption of this technology will reflect on the quality of life in the UAE and will enhance happiness levels for citizens. 50% of government transactions on the federal level will be conducted using blockchain technology by 2021.

The plan will focus on increasing citizen and resident happiness, government efficiency, advanced legislation, and global entrepreneurship. Population happiness comes under another one of UAE’s initiative: the happiness agenda. The agenda uses technology, science and other approaches to measure the happiness of people. It is led by Sheikh Mohammed as well as Smart Dubai, and the latter plans on transforming Dubai into a Smart city.

“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,” added Sheikh Mohammed. Annually, 11 billion dirhams ($2.9 billion) are spent on documents and manual transactions, hence using blockchain technology to complete such work will save both money and time.

Since, blockchain is a relatively new concept, the government will be providing workshops, courses, reports and other events to educate the masses. Sheikh Mohammed also talked about UAE’s acceptance of new technology, “Some consider new technologies as a challenge; we see as a tool to overcome challenges.”

In December 2016, Dubai launched a blockchain strategy in collaboration with Smart Dubai Office and the Dubai Future Foundation to become the “first blockchain-powered government”. Earlier this year, it was reported that Smart City had around 20 blockchain use cases under development, with land registration transactions already being conducted through distributed ledger technology.

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