Dubai Blockchain Strategy: Implementation in the Emirate
Digital Dubai was established by Sheikh Mohammed Bin Rashid Al Maktoum in June 2021 to develop and oversee the implementation of policies and strategies governing all matters relating to Dubai’s information technology, data, digital transformation and cyber security. Digital Dubai is an umbrella organization for four entities – Dubai Electronic Security Center, Dubai Statistics Center, Dubai Data Establishment and Smart Dubai Government Establishment – to ensure that the city collaboratively achieves the vision of the city’s leadership to make Dubai a globally leading digital economy.
Of interest, Digital Dubai was responsible for launching the Dubai Blockchain Strategy, in collaboration with the Dubai Future Foundation, to continuously explore and evaluate the latest technological innovations related to the ledger. According to the organization, “blockchain technology is a new, powerful tool that is already shaping the future of the Internet with simple, safe and secure transactions”.
The Dubai Blockchain strategy is built on the three pillars of public efficiency, industry creation and international leadership. The Dubai Blockchain strategy has the potential to unlock economic opportunities for all sectors of the city, positioning Dubai as a global technology leader. It is a ground-breaking initiative: Dubai will pioneer the use of new technology for cities and share it with the world.
As part of this strategy, the Smart Dubai Office is working with IBM and Consensys to conduct workshops to identify and prioritize the services that can be improved the most using blockchain technology. In addition, the office has announced the launch of the Dubai Blockchain Platform, the first government-approved blockchain platform as a service in the UAE that will transfer and digitize current government processes and citizen services. According to the Sheikh, “adopting blockchain technology in Dubai will unlock 5.5 billion dirhams in savings annually in document processing alone – equal to the Burj Khalifa’s worth of value each year.”
The Emirate of Dubai is one of the many governments that are beginning to see the benefits of blockchain technology and further digitizing its processes and procedures. The benefits are countless – the technology can help protect data, improve operations, stop fraud, waste and abuse in public services, while increasing accountability and building trust. In addition, the widespread adoption of blockchain technology is expected to increase trust in government and online civil services due to the transparency it provides. This will naturally require appropriate regulation to ensure confidence in the industry, so that innovation can flourish. These rules cannot change the crucial aspects of De-Fi, but be of a moderate and smart nature. This is the way forward and governments are beginning to realize it. Dubai will be one of many.
