So before we dive into the Emirates Blockchain Strategy 2021, let’s understand what blockchain technology is.
What is blockchain?
The term Blockchain itself partially describes the technology itself. Blockchain is a chain of blocks. And not just a chain. It maintains a strict sequence.
What are these blocks and what kind of chain? Blocks are data on transactions, transactions and contracts within the system, presented in cryptographic form. Initially, the blockchain was (and still remains) the basis of the Bitcoin cryptocurrency. All blocks are arranged in a chain, that is, they are interconnected. To write a new block, it is necessary to sequentially read information about old blocks.
All data in the blockchain is accumulated and form a constantly updated database. It is not possible to remove anything from this database or to replace a block. And it is limitless — an infinite number of transactions can be written there. This is one of the main features of the blockchain.
United Arab Emirates and Blockchain
United Arab Emirates are known for positioning themselves at the forefront innovating business. But this drive for innovation is not limited to the private sector as the Emirates government seeks to take on the industry of the future. According to Sheikh Mohammed bin Rashid Al Maktoum, Emirati Vice-president and Prime minister, the choice is to make the country a leader in the development of new technologies. Among the innovations the UAE has decided to take full advantage of blockchain.
Emirates Blockchain Strategy 2021
The Emirates-Blockchain Strategy for 2021 is an initiative launched by the Emirates Government in 2018 to take advantage of blockchain technology. «2021» in the name comes from the deadline set by the UAE government to place half of all government transactions in blockchain.
While this move shows that imaginative innovations are being presented in the UAE, blockchain offers numerous advantages that make it simpler to work together. The activity depends on a basic perspective on business: «the satisfaction of residents and inhabitants, the viability of government, propelled enactment and worldwide enterprise.»
Although this progression originates from the open area, clearly the private part will be an immediate recipient. As the data and information in the blockchain can’t be adjusted, the administration trusts that the innovation will improve the cybersecurity of every single advanced exchange and the records made utilizing them.
Another advantage is related with progressively effective procedures, as bureaucratic obstructions are one of the most huge hindrances to dealing with an endeavor. Blockchain will make it simple for individuals to make significant exchanges, contingent upon what time is best for their calendars.
Furthermore, obviously, it is normal that the assets will be gotten in accordance with government conjectures. These will help to spare 11 billion dirhams for routine preparing of documentation and collaborations. Moreover, they hope to abstain from printing 398 million records for every year and to spare the 77 million working hours out of each year recently committed to these strategies.
Dubai Blockchain Strategy
The execution of blockchain innovation isn’t restricted to national endeavors under the Emirates Blockchain 2021 Strategy. The Emirate of Dubai is actualizing a different blockchain activity in Dubai.
Once effectively executed, it will make Dubai «the first blockchain government» and become a future financial driver. This activity, made as a team with the Future of Dubai Foundation and the Office of Intelligent Dubai, expects to make Sheikh Mohammed bin Rashid Al Maktoum’s vision «Dubai [be] the first blockchain-based city in 2020» and the most joyful on earth. The activity was centered around building industry, worldwide authority and government viability.
One of the accomplices of this activity, the Dubai Future Foundation, additionally has a Blockchain Board that attempts to improve the security and unwavering quality of all exchanges on the stage, both inside and outside the monetary framework. They additionally «examine, talk about present and future projects and compose exchanges through the blockchain stage.»
The 46 individuals are a blend of government offices and blockchain innovation organizations, free zones, driving emirates banks and multinationals. The creation of the committee outlines the nearby collaboration between general society and private segments in execution and consistent improvement.