Dubai estimates that it will save approximately £1 billion a year using Blockchain for document processing. The emirate plans to use the technology to process everything from visas to real estate contracts has already started with the Land Department announcing that more than 5 million documents have been archived digitally.
However, the predicted saving is not solely financial. Smartdubai.ae, the government’s official portal for the initiative, states that 114 MTons CO2 emissions could be saved thanks to the reduction in the amount of document deliveries that need to be made (via car/motorcycle). In a region that records some of the highest Co2 emissions globally per capita, any amount of reduction is significant.
Dubai is also predicting Blockchain technology will help it grow. For decades, Dubai has been the leader when it comes to attracting global business to the region. Public announcements and initiatives like The Dubai Future Accelerators send a clear message to the world’s technological freethinkers that the UAE is open to ideas and is ready to support those who have them. Dubai anticipates that real estate, fintech, healthcare, banking, energy, and more, will advance due to Blockchain and associated technologies.