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Dubai government to embrace Blockchain technology

Staff Reporter/Dubai
Filed on October 6, 2016 | Last updated on October 6, 2016 at 08.17 am
Dubai government to embrace Blockchain technology

On his official Twitter account, Shaikh Hamdan noted that "the strategy aims to make life and work easier for people in Dubai".

Dubai will become the first government in the world to use Blockchain, the technology which underpins bitcoin, in all its transactions, according to Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council.

On his official Twitter account, Shaikh Hamdan noted that "the strategy aims to make life and work easier for people in Dubai".

"Users will only need to enter personal data or business credentials once," he said.

Blockchains are essentially digital ledgers intended to record every transaction in a tamper- and revision- proof record, which many experts say has the potential to redefine the way financial transactions take place.

"The Dubai Blockchain Strategy also aims to unlock 25 million hours of economic productivity annually in saved document-processing time," Shaikh Hamdan tweeted. "We tasked the Dubai Future Foundation with overseeing the implementation of the strategy, and the Smart Dubai Office with its execution."

reporters@khaleejtimes.com


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