The Crown Prince of Dubai informed about a strategic plan on Thursday, counting on the entire government documents to be kept in a safety through the blockchain tech by 2020.
Speaking at an event of the Dubai Future Foundation and the Smart Dubai Office, the major objective of the official initiative is to open the blockchain platform to other cities around the world.
During his speech, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum informed about that these works are part of a larger bid by the emirate. He stated:
“The emirate is building on that achievement by constantly working to foresee the future and keep up with the fourth industrial revolution and all the prospects of increased efficiency that come along with it.”
According to a statement, the Dubai government expects that its blockchain strategy has the potential to provide 25.1 million hours of economic productivity each year in savings, while reducing CO2 emissions.
The initiative part of Dubai’s project with an ambition to be leader in blockchain tech. In April 2016, Dubai launched its Global Blockchain Initiative (GBI) with 30 members from both the public and private sectors, and the initiative now counts 47 government and financial entities as members.
The Dubai’s blockchain strategy will be built on “three pillars”: government efficiency, industry creation and international leadership.
The organizers see the blockchain project to contribute to increased government efficiency by creating a new digital layer for city transactions, while the industry in Dubai expects to benefit from the transition include real estate, banking, healthcare, transportation, urban planning, smart energy, digital commerce, and tourism.
But on of the most interesting aspect of the news is the government’s plan to open its platform to to other cities and nations.
Dubai Future Foundation and Smart Dubai informed that they believe the international network could make it easier for travelers to cross borders with certain pre-approved forms of identification and pre-authenticated digital wallets and payments.
Mohammed Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future said in a statement:
“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.”
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