- UAE has adopted blockchain technology in its judicial notary services.
- This will help reduce time, effort, and the high cost of contract verification.
- UAE plans to move half of its transactions on blockchain before 2021 ends.
The United Arab Emirates (UAE) will now use blockchain technology in its judicial notarization services.
According to a report, this adoption is expected to minimize time, effort, and excessive cost by the UAE’s Ministry of Justice in contract verification. In addition, the government also aims to send half of its transactions to blockchain before this year ends.
Through blockchain, UAE is planning to build advanced digital services that can easily connect customers all over the world. On the other hand, the government called its project “unified digital government platform”.
Of note, as part of the country’s digitization revolution, UAE plans to start a digital ID named “UAE Pass”. This will help individual persons to easily socialize themselves with the legal process everywhere at all times.
More so, UAE hopes to make Dubai the first-ever blockchain-focused city in the world. Added to this, the country wants to build talents and much more innovations to become the first to drive an attractive digital and legal environment for developing tech companies.
Apart from this, UAE has started a Global Blockchain Council. Of note, the council includes over 46 global finance and tech firms. UAE initiated this project to increase blockchain exposure across different sectors in the country.
This article was first published on coinquora.com