The United Arab Emirates intend to become a global center of competence in the field of the blockchain technology and plan to implement it into the state administration.

By 2021, 50% of UAE's federal transactions would be powered by blockchain. It is said in the strategy presented by Sheikh Mohammed bin Rashid Al Maktoum, the UAE prime minister and the ruler of Dubai.

The blockchain implementation into the state administration will save up to 11 billion dirhams annually ($3 billion) and help the country to prepare for future challenges.

"The UAE is on its way to becoming a world leader in adopting technology. The adoption of this technology would reflect on the quality of life in the UAE and will enhance happiness levels for citizens," Al Maktoum said at the presentation of the strategy in Dubai.

The strategy is focused on four main aims, which are increasing the level of happiness of citizens and residents of the country, enhancing the effectiveness of public administration, improving blockchain-related legislation and bringing national entrepreneurship to the world level.

As part of the strategy, the government will organize special training courses, activities, and seminars dedicated to blockchain.

ЭSome consider new technologies as a challenge; we see as a tool to overcome challenges," added Sheikh Mohammed.