Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched the Emirates Blockchain Strategy 2021 on Wednesday.

Under this initiative, 50 per cent of government transactions will adopt the blockchain platform over the next three years, which the government says will save Dh11 billion in transactions and documents processed routinely. It is expected to save 398 million printed documents and 77 million work hours annually.

“We want to capitalise on this advanced technology to transform 50 per cent 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,” he added.

Shaikh Mohammad said embracing this future technology would reflect positively on the quality of life in the UAE and enhance people’s happiness. “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.”

Unique identification number

Blockchain is a technology that utiltized records (called blocks) and links them together using cryptography. According to a statement on WAM, the UAE will use blockchain for digital transactions, giving each customer a unique identification number that points to their information on the secure chain.

Information and data on the blockchain cannot be hacked or changed, which will ensure the digital security of national documents and transactions, and eventually reduce operational cost, because of reducing paper transactions and accelerating decision-making.

The UAE’s strategy for blockchain focuses on four key themes, happiness of citizens and residents, elevating government efficiency, advanced legislation and international leadership.

The strategy works on building the capacity of individuals and government leaders through training courses and workshops. Training programmes on blockchain will be designed for government leaders. University programmes on blockchain will be available.