Moving 100% of any government’s transactions to blockchain is an ambitious plan.
Staying 10 years ahead of other world cities is more ambitious still. Yet this vision, called Dubai 10X, has been set for Dubai by His Highness Sheikh Hamdan bin Mohammad bin Rashid Al Maktoum, Prime Minister of the United Arab Emirates and Ruler of Dubai.1
Fortunately, the city-state has a well-researched digital strategy and implementation plan. And since 2018, it’s been releasing blockchain-backed government platforms.
One of the Dubai 10x initiatives is the Digital Silk Road, a platform to ease worldwide trade. It aims to solve the global trading system’s key issues–high costs, low trust, and lack of transparency–with blockchain technology.
Dubai opened the Digital Silk Road with the launch of two initial projects: The Unification of Trade Registration and Export Authorization. These projects make trade in Dubai easier and more secure for companies. And they give trade authorities real-time, accurate information that complies with regulations.
With this successful start on the Digital Silk Road, Dubai has an open road ahead.
The United Arab Emirates (UAE) has a history of investing in technology to improve government operations. For example, in 2017 the country named H.E. Omar Bin Sultan Al Olama the world’s first Minister of State for AI.2
But AI isn’t the only technology Dubai is using. Under the Dubai Blockchain Digital Strategy, 100% of government transactions will move to blockchain.
“With the combined power of AI and blockchain, the UAE government stands to save AED11 billion (US$3 billion) in economic return and 389 million government documents per year,” said H.E. Omar Bin Sultan Al Olama in a keynote speech at the Future Blockchain Summit.3
Dubai is not new to adopting nascent technologies. In 1999, it began establishing e-governance even before global use of the internet had taken off. Now it’s adopting blockchain and other technologies as part of Dubai 10X.
Dubai 10X is an initiative to put Dubai 10 years ahead of other world cities in terms of technology. H.H. Sheikh Hamdan bin Mohammad bin Rashid Al Maktoum has called on the Dubai government to embrace disruptive innovation to meet this goal.4
One of the Dubai 10X initiatives is the Dubai Silk Road, a smart platform using blockchain to automate trade and the supply chain. It seeks to increase transparency, efficiency, and security. The Dubai Chamber and the Port Authority, called DP World, formed a joint team to deliver this bold project.