Launch is part of UAE's plans to become a world leader in adopting technology
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has launched the UAE Blockchain Strategy 2021 as part of plans to become a world leader in adopting technology.
"The adoption of this technology will reflect on the quality of life in the UAE and will enhance happiness levels for citizens," said Sheikh Mohammed at the launch.
"50 percent of government transactions on the federal level will be conducted using blockchain technology by 2021," he added.
He said blockchain 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.
Sheikh Mohammed estimated that the adoption of blockchain would help the government save AED11 billion spent annually on document transactions and documents, 77 million hours of work, reduce government documents by 389 million, and save 1.6 billion kilometres spent driving.
The UAE plan includes four pillars focusing on 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.