United Arab Emirates (UAE) Blockchain Strategy 2021 Is Launching Soon
UAE Blockchain 2021 Strategic Plan
The United Arab Emirates government recently launched a blockchain-based strategic plan, known as the ‘UAE Blockchain Strategy 2021.’ The objective of this master plan is to embrace blockchain as a key pillar of government services so that by 2021, a majority of administrative transactions will be based on distributed ledger technology.
The program was inaugurated by the Vice President and Prime minister of the UAE, His Highness Sheikh Mohammed bin Rashid Al Maktoum. The event was also graced by other high ranking officials of the Dubai and UAE governments.
His Highness stated that the UAE embraced blockchain technology as it mirrors the quality of life in the country, and has a potential of bettering the living standards to greater heights. In this regard, he explained that distributed ledger technology will enable citizens to access services in a timely manner, saving efforts and resources in the process.
Sheikh Mohammed lauded the future-proof assurances brought about by the adoption of blockchain technology. He added that this technology will slash the expenses on transactions and relevant documents by a whopping $3 billion/ AED11 billion per annum. Furthermore, blockchain technology will substantially reduce the working hours, the volume of official documents, and the amount of money spent in transportation.
The government intends to increase blockchain awareness using training course, seminars and workshops. Moreover, university courses dealing with blockchain-related subjects such as cryptography will be subsidized.
The UAE Blockchain Strategy 2021 has four fundamental pillars that focus on:
- Citizen and resident happiness
- Efficiency of government services
- Advanced legal framework
- Global entrepreneurship
Significant Milestones For United Arab Emirates
The Dubai government set the precedent in December 2016 by launching its own blockchain project, dubbed the Dubai Blockchain Strategy. The vision of this program was to transform the city in to the world’s first government that is compatible with all applications of blockchain technology by the year 2020.
The Smart Dubai Office was the first project to conform to the Dubai Blockchain Strategy, signing a deal with Avanza Solutions to establish a blockchain-driven payments platform. Soon afterwards, the local government followed suit by implementing a digitized security system for airports across Dubai.
Later in 2017, the Dubai Land Department shifted all its operations to a blockchain ledger. Their system is integrated with the city’s electricity and water authority, the local telecommunications company, and other utility service providers. The year culminated with the launch of the Dubai IoT strategy, a program that aims to revolutionize Dubai into a fully-fledged Smart City powered by blockchain technology.