DUBAI TAKES UP BLOCKCHAIN STRATEGY
His Highness Sheikh Hamdan revealed a new strategy to be uptaken, in an event meeting hosted by the Smart Dubai Office and the Dubai Future Foundation. The strategy being – transfering and securing of all Government documents into a Blockchain.
Dubai looks forward to complete this plan by 2020.
WHAT IS BLOCKCHAIN?
Blockchain is a technical ledger, which holds over a distributed computer networks. The information logged in are to be very much authentic and hence are irreversible.
This will help the Dubai Government to move all its official documents onto blockchain and thus become paperless by 2020.
MAKES LIFE AND WORK EASIER IN DUBAI
According to a tweet by the Crown Prince of Dubai, he stated that adopting the blockchain strategy will potentially unveil 25.1 million hours of economic productivity annually, and at the same time, reducing CO2 emissions.
In his tweets, the Crown Prince stated, “The strategy aims to make life and work easier for people in Dubai; users will only need to enter personal data or business credentials once”.
Dubai is keen on becoming a global giant in blockchain tech, focussing on making Dubai the first ever blockchain-powered government by the year of 2020.
In the effort of this, the Government launched a Global Blockchain Initiative, with a head count of 30 members of both private and public sectors, in the month of April of this year. Now the initiative can be seen with an approximate of 47 members.
Two of the giant entities, the Smart Dubai Office and the Dubai Future Foundation will take a major part in the execution of the same.
THREE ESSENTIAL PILLARS
Dubai’s Blockchain agenda will be established upon three essential “pillars” which includes international leadership, government efficiency, and industry creation, according to a statement made by an influential member.
Dubai Future Foundation and Smart Dubai Office, the two major groups involved in the strategy, stated they trust that the international network would help people from other nationalities to cross the borders much easier. All they would require to carry are pre-approved and authenticated forms of identification and digital payments and wallets.
The organizers also believe that once the documents are secured onto a blockchain, it will pave way for efficient and easier business opportunities for the private and public entities to a large extent, by establishing a new and better digital platform for city transactions.
Minister of Cabinet Affairs and the Future, Mohammed Abdullah Al Gergawi stated the following:
"Users will only need to log in their personal data or business credentials once; it will then be updated and verified in a timely manner through the blockchain network in all government and private entities including banks [and] insurance companies."