The UAE, a leader of developing blockchain technology

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The technology of blockchain develops not only within the banking and financial institutions, but also is already adopted by governments. The UAE is currently one of the leading countries in the development of this technology.

According to reports, the financial capital of the UAE, Dubai, is soon going to use blockchain technology for all state document circulation.

Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE and the ruler of the Emirate of Dubai, launched the UAE-2021 blockchain strategy in the framework of plans to transform the Arab Emirates into a world leader in the introduction of technology.

“Adoption of this technology will affect the quality of life in the UAE and will increase the level of people’s satisfaction,” said Sheikh Mohammed concerning the launch of it.

By 2021, 50 percent of all government operations at the federal level are planned to be conducted with the help of blockchain technology.

He said that blockchain technology will “save time, energy and resources” and allow people to conduct most of their operations in a timely manner, which corresponds to their lifestyle and work.

Sheikh Mohammed stressed that the adoption of the blockchain will help the state save 11 billion dirhams ($ 2.9 billion), which are spent annually on document operations, 77 million hours of work and reduce government documents by 389 million.

The country will not only optimizes the “state machine”, but also will get significant advantages in the ecosystem of digital global enterprise.

Dubai has all the chances to become a unique example of how to support the development of blockchain for other governments.

Also, the UAE government intends to finance courses, events, seminars and other educational initiatives with the goal of raising the level of knowledge and popularizing the technology of the distributed registry.

The UAE new strategy is aimed at the happiness of citizens and residents, the effectiveness of government, advanced legislation and international entrepreneurship.

It should be noted that the plans of the government of Dubai to transform the entire state document flow to the blockchain became known as early as 2016.

Also, in October last year, it became known about the blockchain system of registration of property rights for real estate, developed by the Department of Land Resources of Dubai.

With its large number of projects based on distributed registry technology, the UAE can soon become an exemplary state for the use of blockchain technology in finance, management, commerce, healthcare and other industries.