50% of banking operations are being switched to Blockchain in the UAE

The government of the United Arab Emirates is expecting to transfer 50% of all banking operations, business processes and bureaucratic procedures by 2021 to Blockchain. According to Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai, this will save $ 3 billion a year, will bring the government's work to a qualitatively new level and fundamentally change the country's traditional banking system.

Now, within the framework of the "Strategy 2021 Dubai Smart City", which the government of Dubai launched in 2015, is implementing more than 100 projects on Blockchain, most of which use Artificial Intelligence.

Blockchain has already been using for the purchase of all contracts for the purchase of real estate, a system for paying taxes, utility payments, and ordering tickets. Passport control is also transferred to Blockchain in the framework of the start-up ObjectTech.