The United Arab Emirates (UAE) has launched their ‘UAE Blockchain Strategy 2021’. The objective of the move is to start conducting at least half of the government's transactions at the federal level, using blockchain technology by 2021.
This progressive endeavor is expected to save the nation approximately $3 billion (USD) annually on transactions. It’s also said to be able to reduce government documents by 389 million, 77 million hours of work and save nearly a billion miles in driving alone.
His Highness Sheikh Mohammed bin Rashid Al Maktoum serving as the Vice President of the program, Prime Minister of the UAE and Ruler of Dubai spoke in regards to the adoption. “The adoption of this technology will reflect on the quality of life in the UAE and will enhance happiness levels for citizens,” the ruler said. “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 UAE is already considered a 21st century wonder, but now that so many countries are going to alternative forms of energy, the oil rich nation will need to focus on other means to keep the nation's economy moving ahead. This blockchain adoption is just another important part of the UAE’s future. The government plans to use training courses and begin supporting local University courses specializing in cryptocurrency, blockchain and encryption technology.