UAE Prime Minister Rolls Out UAE Blockchain Strategy 2021


UAE Prime Minister rolls out UAE Blockchain Strategy 2021, stating that the adoption of Blockchain technology would facilitate the government’s preparation for the future challenges. In addition, he has estimated that the adoption of Blockchain would save millions of work hours.

13 April, AtoZForex The Vice President and Prime Minister of the UAE and the Ruler of Dubai, Sheikh Mohammed bin Rashid, has reportedly launched the “UAE Blockchain Strategy 2021” with the vision to become a world leader in adopting the technology, according to the local media reports.

UAE Prime Minister Rolls Out UAE Blockchain Strategy 2021

His Highness Sheikh Mohammed bin Rashid has stated that the adoption of Blockchain technology would facilitate the government’s preparation for the future challenges. He has also noted that this initiative would eventually save AED 11 bln (nearly $3 bln) that the government presently spends on document circulation on a yearly basis. In addition, he has estimated that the adoption of Blockchain would save millions of work hours. It would also reduce government documents by 389 mln, and save 1.6 bln kilometers spent driving.

Sheikh Mohammed has been quoted as saying:

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

Dubai Blockchain Efforts

The UAE Blockchain Strategy 2021 is based on four principles, thus focusing on “citizen and resident happiness, government efficiency, advanced legislation, and global entrepreneurship.”

The officials of the UAE plan to invest in “courses, events, workshops, and reports to build its standing in Blockchain” and “support university education specializing in the field and related subjects like encryption.”

Earlier this February, Dubai’s Roads and Transport Authority has announced plans to set up a Blockchain-based vehicle lifecycle management system in 2020. This would enable customers to track the history of their vehicle.

Moreover, just last month, Dubai has revealed plans to launch a virtual Blockchain-based tourism-focused marketplace. This initiative emerges as part of its Dubai 10x initiative.

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