The authority of the United Arab Emirates is reportedly looking to utilize blockchain for employment across its judicial notarization and authentication services.
Particularly, it is predicted that the blockchain adoption will help to bring down the time, resources and cost invested by the UAE’s Ministry of Justice, regarding the authentication and verification of contracts and documentation, at the same time working towards the authority’s goal to move fifty percent of its transactions on blockchain, by 2021’s end.
The UAE’s deployment of blockchain is reportedly included in its broader plan to establish a remote digital framework, catering to each of its internal operations – which is regarded as a “unified digital government platform.”
The UAE’s current digital transformation will reportedly give way for the formation of a digital ID called the “UAE Pass”, which will grant users the ability to carry out interactions with different sides of the legal process from remote areas.
Together with its goals for witnessing fifty percent of the overall number of transactions carried out on the blockchain by the end of this year, the nation has further disclosed details to initiatives, which will turn Dubai into the first city-operated by blockchain globally.
The UAE reportedly hopes to be able to reel in experts and innovation, by being among the first countries to establish an attractive digital, legal landscape for setting up tech firms.
The nation additionally formed the Global Blockchain Council, consisting of 46 international finance and tech firms, to assist in studying potential blockchain applications. across different business industries of the UAE.