Over 50 per cent of the UAE's federal transactions would be powered by blockchain technology by 2021, it was announced on Wednesday. The Emirates Blockchain Strategy would help the country save Dh11 billion spent annually on document transactions and documents.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said the adoption of blockchain technology would help the government prepare for future challenges.
"The UAE has chosen to adopt the development of the 'future industry' in various aspects as means of development ... It is on its way to becoming a world leader in adopting technology," he said as he launched the strategy in Dubai. "The adoption of this technology would reflect on the quality of life in the UAE and will enhance happiness levels for citizens."
The strategy rests on four pillars: Citizen and resident happiness, government efficiency, advanced legislation and global entrepreneurship. The government will use training courses, events, workshops and reports to build its standing in blockchain and support university courses specialising in the field and related subjects like encryption.
Sheikh Mohammed stressed that the UAE government uses technology to serve its people. "Some consider new technologies as a challenge; we see as a tool to overcome challenges."