Dubai 3 pillar Blockchain Strategy
H.H Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum Crown Prince of Dubai launched the Dubai Blockchain strategy in 2016. It will be a joint collaboration between Smart Dubai and Dubai Future Foundation. The Strategy will help Dubai achieve the vision of His Highness, to create the future of Dubai, and make Dubai the happiest city on earth. The strategy will bring opportunities for all sectors in Dubai City, as Dubai becomes the first Blockchain powered government. By adopting Blockchain technology in government Dubai government stands to save 5.5 billion AED per year in document processing alone. Dubai hopes to create an open platform to share the technology with cities across the globe. The Dubai Blockchain strategy is built on three pillars of government efficiency, industry creation and international leadership.
First pillar is government efficiency, paperless digital layer for all city transactions. It means that required documentation such as visa applications, bill payments and license renewals which account for over 100 million documents each year. It will be transacted digitally under the new strategy. Blockchain technology would contribute savings up to 114 Mtons of CO2 emissions from trip reductions and redistribute up to 25.1 million hours of economic productivity in saved document processing time.
The second pillar of the Dubai Blockchain Strategy is industry creation. It will enable citizens and partners to create new businesses using the technology. Some of the industries that will benefit include real-estate, fin-tech, banking, healthcare, transportation, urban planning, smart energy, digital commerce and tourism.
The third pillar is international leadership as Dubai wants to open its Blockchain platform for global counterparts to enhance safety security and convenience for international travelers to Dubai. Travelers will quickly enter with pre-approved passport and security clearance and visas, easier mobility due to approved driver licenses, and car rental and pre authenticate temporary digital wallets and payments. This will be delivered through a global trust network with partners in Europe, North America and Asia.