The Crown Prince of Dubai announced a strategic plan today that would see all government documents secured on a blockchain by 2020.
In remarks, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum explained the effort is part of a larger bid by the emirate, one of seven in the larger UAE, to set the "standard" for smart cities.
According to a statement, the Dubai government estimates its blockchain strategy has the potential to generate 25.1 million hours of economic productivity each year in savings, while reducing CO2 emissions.
The initiative announced today is notably part of Dubai's year-long push to become a global leader in blockchain tech. In April of this year, for example, Dubai launched its Global Blockchain Initiative (GBI) with 30 members from both the public and private sectors, and the initiative now counts 47 government and financial entities as members.
Two groups involved in that effort, the Dubai Future Foundation and Smart Dubai Office, are slated to take leading roles in the new plan's execution.
The three pillars
According to a statement, Dubai's blockchain strategy will be built on "three pillars", including government efficiency, industry creation and international leadership.
The organizers expect the blockchain project will contribute to increased government efficiency by creating a new digital layer for city transactions. Further, once the documents have been moved to a blockchain, the organizers believe the project will create business opportunities for the private sector.
Industries Dubai expects to benefit from the transition include real estate, banking, healthcare, transportation, urban planning, smart energy, digital commerce, and tourism.
But perhaps the most interesting aspect of the news is the government's plan to open its platform to to other cities and nations.
Dubai Future Foundation and Smart Dubai said they believe the international network could make it easier for travelers to cross borders with certain pre-approved forms of identification and pre-authenticated digital wallets and payments.
Mohammed Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future said in a statement:
Image via Wikipedia
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.