The United Arab Emirates, under Prime Minister Sheikh Mohammed bin Rashid Al Maktoum, has now officially launched its own Blockchain Strategy – an initiative which arrives with the aim of saving federal government some $3 billion USD per year.
The initiative, which takes aim at introducing blockchain technologies to four governmental pillars – including citizen and resident happiness, government efficiency, advanced legislation, and global entrepreneurship – is underpinned by a broader goal of managing half of all governmental transactions on blockchain technology within the next three years.
Specifically, the UAE has outlined its immediate goals of saving over $3 billion USD per year through shedding document operations and an expected 77 million man-hours. More latterly, the bid is expected to save some 398 million paper documents which – had the blockchain strategy not been issued – would have been printed.
Under the auspices of the initiative, the UAE government will proceed to launch blockchain-centered training courses and workshops to cement itself as a leading developer and adopter of blockchain technologies.
Presiding over the launch, Sheikh Mohammed bin Rashid Al Maktoum outlined that “adaptation to advanced technologies and utilizing them in serving society and enhancing the efficiency of government performance is a firmly established approach adopted by the UAE.”
Sheikh Mohammed continued to elaborate that “We want to capitalize on this advanced technology to transform 50 percent of government transactions into the blockchain platform by 2021 in order to cement the UAE’s position to be among the most advanced countries that are well prepared to deal with future changes… the blockchain technology will help save time, effort and resources and enable people to process their transactions at the time and place that suit their lifestyles and work.”
In late 2017, the city of Dubai proceeded to launch emCash – the nation’s first official cryptocurrency, and one that will be recognized as legal tender for the payment of both governmental and non-governmental services.
It remains to be seen if the UAE would proceed to launch its own state cryptocurrency under the auspices of its new blockchain strategy.