UAE excellence through the lens of Blockchain technology
Blockchain, the technology behind Bitcoin currency, has become a very widely discussed topic in just a couple of years. Blockchain’s broad applicability convinced hundreds of leaders in governments across the world to consider employing this technology to achieve their countries’ short and long-term objectives.
The enthusiasm around this technology is increasing as governments begin piloting and testing blockchain applications for payments, supply chain, identity management, secure data sharing, and more. UAE Vision 2021 was launched by H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, at the closing of a Cabinet meeting in 2010 made its aim to make the UAE among the best countries in the world. To translate the Vision into reality, its pillars have been mapped into six national priorities, which represent the key focus sectors of government action in the coming years. Innovation will surely drive most of these visions and blockchain is the technology that delivers tangible benefits for governments. The list of potential public sector blockchain applications is growing exponentially. Here are three fascinating benefits UAE public sector can enjoy today.
Blockchain helps governments to build trust with country citizens. One of the blockchain-based solutions’ qualities is transparency aided by decentralization, allowing participating parties to see and verify data. A blockchain solution for some city services could allow for independent verification of governmental claims. For example, land registration departments would be able to benefit from blockchain solutions enabling multiple parties to securely hold copies of the registry. Sweden, Estonia, and Georgia are already experimenting with blockchain-based land registries. When citizens and governments share access to records trust is much stronger and people will rely on public services more often opposed to private consultancies.
Protecting sensitive data will become much easier with blockchain technology in place. Breaches of personal data have become a hard reality in today’s world of everything digital. Such documents as Emirates ID contain a lot of sensitive data such as person’s full name, birthday, address in the UAE, visa status, driver’s license information and more. Today people can register new bank accounts using Emirate ID card and even travel in and out of the country.
Considering the amount of information available on our ID cards, hackers make such sources some of their top targets. Loss of sensitive data can lead to identity theft that can be potentially associated with serious crimes. Instead of accepting the consequences of such breaches, governments can prevent and avoid this from happening by deploying thorough blockchain data structures. Such data structures massively improve security by dropping single-point-of-failure risks and can make attempting a breach almost impossible.
Reduction of operational costs and improved efficiency are few of many UAE government’s priorities that can be excelled via implementation of blockchain technologies. Even financially successful countries are looking at reducing unnecessary spends and making their operations more cost-effective. If applied properly, blockchain solutions could streamline processes, increase the levels of homeland security while ensuring data integrity.
According to the Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, the adoption of blockchain will reflect on the quality of life in the UAE and will enhance happiness levels for citizens. 50 percent of government transactions on the federal level will be conducted using blockchain technology by 2021. This technology will save time, effort and resources and enable individuals to conduct most of their transactions in a timely manner that suits their lifestyle and work.
Alpha Data is very optimistic about the impact blockchain technology will make on both private and public sectors in the nearest future. Our team of experts is one call away from introducing this brilliant innovation that can change the way your organization works, develops and succeeds. Please contact us now for free consultation and the proof of concept meeting.