United Arab Emirates (UAE) government will use blockchain technology in public services and identity verification services.
The adoption of blockchain technology makes a contribution to some fields. These are reducing time, effort, and expense. Expenses occur from taking by the UAE Ministry of Justice to verify contracts and documents. In addition, the government aims to develop a plan. The plan is to transfer all transactions to the blockchain by the end of this year.
The UAE’s ongoing digital transformation will include the creation of a digital identity called “UAE PASS”. Therefore it will allow users to interact with some aspects of the legal process from remote locations.
The country has announced plans to make Dubai the first city in the world to be fully powered by blockchain technology. Moreover the goal of making half of its transactions on the blockchain by the end of 2021. The UAE hopes to attract talent and innovation. Being one of the first to create an attractive digital and legal landscape for emerging tech companies.
The UAE is the first country to have recently formed the Global Blockchain Council. Since They made up of 46 global finance and technology companies. In order to help explore possible blockchain applications in the country’s various business sectors.