In April 2018, the UAE Government launched the Emirates Blockchain Strategy 2021. The strategy aims to capitalise on the blockchain technology to transform 50 per cent of government transactions into the blockchain platform by 2021.
The blockchain technology will help save time, effort and resources and facilitate people to process their transactions at the time and place that suit their lifestyle and work. By adopting 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 annually.
The UAE will use blockchain for digital transactions, giving each customer a unique identification number that points to their information on the secure chain. Information and data on the blockchain cannot be hacked or changed, which will ensure the digital security of national documents and transactions and eventually reduce operational cost and accelerate decision-making.
Read news coverage relating to Emirates Blockchain Strategy 2021 on WAM and Gulf News.
Updated on 24 Mar 2021