The UAE is at the forefront of the blockchain space. Dubai launches several strategies and initiatives which nurture a robust blockchain tech innovation ecosystem for blockchain startups from around the world.
Recently, the Dubai Future Council for Blockchain launched the Dubai Blockchain Policy at the ninth Smart City Expo World Congress in Barcelona. It complements Smart Dubai’s efforts to implement the Dubai Blockchain Strategy, which was launched in 2016. The strategy seeks to make the Dubai government the first in the world to conduct 100 per cent of applicable transactions via blockchain by 2020.
The CEO of Dubai Blockchain Centre and member of the Dubai Future Council for Blockchain Technology, Marwan Al Zarouni, said: “The adoption of blockchain is so far very impressive we currently have 40 projects in the pipeline in different sectors from both the government and private sectors. The new projects are piloted in new areas using artificial intelligence and the Internet of Things.”
The council is responsible to share knowledge and vision for blockchain technology, to launch initiatives, and strategies and to find solutions to various foreseeable challenges for its adoption.
The main aim of blockchain technology is disintermediation, which means removing the intermediary between two people or two transactions together.
“Blockchain is a promising technology that is going to create more trust and better efficiencies in the way value is being exchanged between parties. It is a technology that uses cryptography, it uses math and it uses a very complex process of creating code which we call it mining codes to create secure transactions,” said Professor Sid Ahmed Benraouane, who advises the Dubai government on innovation, digital transformation and future foresight.
The UAE government launched the blockchain strategy in 2018 and the aim was to focus and capitalise on all the technologies that are emerging in order to allow for government processes and government administrations and government structures to be transformed around 50 per cent of their transactions into a blockchain platform.
Prof Benraouane said: “Blockchain technology will help in saving time, saving cost, reducing the wait time for people waiting to see their transactions and I think the estimate is that the UAE government is expected to save around Dh11 billion in terms of transactions and how you process different documents from different administrations and different agencies. I think around Dh400 million savings in terms of what we print, in terms of documents, and I think around 77 million working hours annually.”