UAE to Use Blockchain Technology in 50 Percent of its Processes by 2021

Blockchain To Aid UAE's Operations

The government of the United Arab Emirates (UAE) launched two national initiative programmes in a recent meeting held in Abu Dhabi. These programmes are targeted at Blockchain Technology and Artificial intelligence (AI). Based on the report of a media outlet, the government is of the opinion that these are technologies that can make UAE a leading country in the world.

Attracting Foreign Investments and Developing Entrepreneurial Skills

The aim of the meeting was to discover ways on how to attract foreign investments. It also focused on how to develop entrepreneurial skills and set up Blockchain and AI infrastructures in the country. In the same vein, an overview was made on the applications of Blockchain around the world in sectors like health, education, and energy.

The participants of the meeting outlined that the UAE’s goal is to become a leading nation in the world through the full adoption of AI before 2031. They also noted that trained personnel were needed in order to meet the trends in technology. Also, their objective is to ensure that by 2021, 50 percent of the transactions carried out by Government was based on the Blockchain platform.

Defining Blockchain Technology and AI at the Federal Level

To implement their goals, two initiatives were launched. The first initiative is the “AI and Blockchain Guide” initiative. Its aim is to provide a standard definition of Blockchain and AI at the Federal level. What’s more, the guide will be provided to relevant organizations in different sectors of the economy to keep them informed.

The second initiative was tagged, “National Programme for AI and Blockchain Capacity Building”. This initiative suggests collaborating with the country’s Ministry of Higher Education to offer Blockchain and AI programmes in universities. Also, scholarships will be awarded for these programmes in schools where students and personnel will be trained.

Determining How Many Jobs Will be Replaced With Technologies

Furthermore, this initiative will train employees that are working in organizations where most of the manpower will be replaced with modern technologies. But first of all, a survey will be carried out to determine how many jobs will be affected when they have been replaced with Blockchain and AI.

More countries are recognizing the benefits of Blockchain technology on the economy. A recent report shows that Bahrain has launched a Professional Blockchain Academy to train students on Blockchain programmes. The school where the programmes are being offered revealed that it was the government’s aim to transform the country into an IT hub.