The UAE Blockchain Strategy 2021 was officially launched by Prime Minister of UAE, His Excellency Sheikh Mohammed bin Rashid Al Maktoum at the Future Blockchain Summit with the aim to save over $3 billion annually on document transactions.
The Summit that takes place from May 2-3 at Dubai World Trade Centre plays a pivotal role in UAE’s economic strategy building while holding over 100 exhibitions of local and international business setups.
The technology will cut through the expense of intensive work hours and document operations at government level and save immensely in the course of 3 years. The strategy will save 77-million
man-hours and 389 million print documents.
The plan is built on four agendas, resident happiness, government efficiency, advanced legislation and global entrepreneurship which will also act as pillars of the strategy.
During the launch ceremony, “Sheikh Mohammed said,
“Adaptation to advanced technologies and utilizing them in serving society and enhancing the efficiency of government performance is a firmly established approach adopted by the UAE.”
He added further by saying,
“We want to capitalize on this advanced technology to transform 50 percent 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.”
To consolidate its position with the emerging technology and prepare prospects beforehand, the UAE government will conduct block-chain oriented workshops, training courses, and events to boost its awareness in the country. UAE’s business setup consultants will also assist in helping future company setups incorporate Blockchain methodology into operations.
Will the combined assistance of UAE’s AI Ministry, the Blockchain movement is expected to bring innovation and efficiency into UAE’s work dynamics. At the Future Blockchain Summit, UAE’s AI Minster Omar bin Sultan Al Olama gave a keynote speech saying,
“With the combined power of AI and Blockchain, the UAE government stands to save AED11 billion in economic return and 389 million in government documents alone per year.”
The technology will help users conduct their transactions more accurately and save time, resources and effort just by integrating distributed ledger technology (DLT) which could fundamentally change the financial sector, making it more efficient, resilient and reliable.
While the implementation will strengthen government departments, it will also stimulate business process re-engineering within UAE corporations while enhancing federal regulation and monitoring processes for the government. The Ruler of Dubai Sheikh Mohammed is confident the implementation will save $1.5 billion and 25.1 million man-hours annually by adding 100 million paper documents to Blockchain.