UAE to save $3bn with AI and blockchain, says minister

AI will be a strong ally for blockchain, and will play a pivotal role in the UAE's 2021 strategy

Tags: Artifical intelligenceBlockchain
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UAE to save $3bn with AI and blockchain, says minister The UAE government stands to save AED11 billion in economic return and 389 million in government documents alone per year says Al Olama.
By  Lubna Hamdan Published  May 3, 2018

The UAE government is expected to save $3 billion (AED11bn) in economic return and 389 million in government documents per year, thanks to artificial intelligence (AI) and blockchain.

The technologies are two of the most powerful tools revolutionizing the UAE's pace of innovation, according to the country's minister of AI, who gave a keynote speech on the UAE Blockchain Strategy 2021 at the Future Blockchain Summit.

"With the combined power of AI and blockchain, the UAE government stands to save AED11 billion in economic return and 389 million in government documents alone per year," said Omar bin Sultan Al Olam, the UAE's Minister for Artificial Intelligence.

He added that AI will be a strong ally for blockchain, and will play a pivotal role in the 2021 strategy.

"It will help in the formation of the blockchain government, identify business process reengineering within organizations, enhance federal regulations and enable efficient monitoring of processes and systems," he said.

The Future Blockchain Summit is taking place at Dubai World Trade Centre, and features over 100 exhibitors, half of which are local and international startups.

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