Dubai is taking a step forward to become the world’s pioneer blockchain-powered government for all transactions by 2020. Last year, the government decided to gather all transactions and procedures to a blockchain by 2020 which Blockchain found supportive.
Briefing the conference on ‘Blockchain Technology’, chairman of CIOMajlis (Chief Information Officer’s), Ahmad Al Mulla, said:
“Dubai is a frontrunner in adopting the latest technology and has set a goal to become the world’s first government to execute all implementable transactions on the blockchain by 2020. The government initiatives in this direction present tremendous business opportunities for the private sector in the UAE”
The concept of the Dubai Blockchain Strategy was executed by HH Sheikh Hamdan bin Mohammad bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of the Dubai Executive Council. Its main goal is to discover and provide technology innovations, therefore developing improvement for the nation.
Dan Frankel, Dubai’s Blockchain City Advisor at ConsenSys stated that this technology may potentially decrease the cost of streamlining document processing, saving almost 75% or more than 5.5 billion. It will eliminate manual processing expense that includes reprocessing and processing errors.
ConsenSys will be joining hands with the government officials as well as IBM (project’s Lead Strategic Partner). It has also been declared as the official Blockchain Advisor for the project. In order to boost the project, IBM joined hands with the government of Dubai to improve import and re-export.
ConsenSys is looking forward to start ConsenSys Academy, an exceptional online Blockchain training program. The academy will train expert developers for the project to guarantee the success of this rapidly growing blockchain technology. After their graduation, the specialists will be provided certificates and offered jobs in the Dubai Blockchain project.
“There is a current global shortage of object oriented programmers and developers. We need to ensure sufficient availability of trained manpower and as these opportunities are accruing across all sectors, we will see a lot of blockchain implementation in [the] near future across government as well as private sectors”
ArabianChain: A public platform
In the meantime, to improve its operation, ArabianChain, a UAE based public Blockchain startup, has been provided AED3m ($817,000) by a private investor. ArabianChain is basically a sub-project of the Dubai project to switch all government documents to a Blockchain by 2020. It was founded in February 2016 which has developed a public Blockchain targeting Islamic banking and government services.