Setting a bold blockchain strategy
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.