Vice President and Prime Minister of the UAE, Sheikh Mohammed bin Rashid, has launched the ‘UAE Blockchain Strategy 2021’ with the aim of becoming a world leader in adopting technology.
During the launch of the ‘UAE Blockchain Strategy 2021’ His Highness Sheikh Mohammed bin Rashid said that the adoption of Blockchain technology would support the government’s preparation for future challenges and save AED 11 bln which is about 3 billion dollars that the government spends on document circulation annually. Moreover, he estimated the technology adoption would save millions of work hours, reduce government documents by 389 mln, and save 1.6 bln kilometers spent driving.
“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.”
The strategy rests on four fundamental principles, focusing on “citizen and resident happiness, government efficiency, advanced legislation, and global entrepreneurship.”
The government of the UAE intends to invest in “courses, events, workshops, and reports to build its standing in Blockchain” and “support university education specialising in the field and related subjects like encryption.”