From finance to real estate to healthcare, blockchain technology is a major talking point in industry circles today. This prospective revolution of a technology is advantageous for your business and undeniably provides a competitive edge over others in your industry.
Within fintech, blockchain technology is revolutionizing the banking industry and Dubai isn’t far behind in adopting this change. Speaking in layman’s terms, blockchain is like an extensive history of your banking transactions, in this case, a record of every bitcoin (a form of digital currency) transaction ever executed.
In the UAE, the Government’s Dubai Blockchain strategy plans to heighten economic prospects for all sectors in the city, specifically the banking and financial services sector. Visionaries of the city want Dubai to be the world leader in blockchain innovation in another earnest attempt to get Dubai on the global map.
“Blockchain and distributed ledger technology are having clear and profound effects on the global banking technology sector and we are only at the early stages of understanding how this technology will transform banking. In addition to understanding the technology, banks in the Middle East also need to understand the complex regulatory and compliance issues that are unique to blockchain, distributed ledgers, cryptocurrencies and digital assets and failure to do can present significant risk to the successful deployment of this technology,” said Mr. Brian Meenagh, Partner, Latham & Watkins LLP, participating at the Middle East Banking Innovation Summit.
UAE-based bank, Emirates NBD has already introduced blockchain technology into cheques to minimize fraud and to enhance their position as a financially literate bank. A few months back, the banking group has launched the first phase of its initiative entitled ‘Cheque Chain’ that is the beginning of a key tactic by Emirates NBD to integrate blockchain technology into its current suite of products and services. Even Emirates Islamic Bank has also announced the integration of blockchain technology to prevent cheque fraud. All this technology is changing the face of banking in the Middle East.
“In the banking and financial (BFSI) industry, adopting and implementing blockchain technology into your business and strategic undertakings, and knowing everything there is to know about this technology is going to get you on top of your game. Today, banks need to upgrade themselves when it comes to being financially savvy and incorporating financial technology or ‘Fintech’ to their existing agenda,” commented Mr. Brad Hariharan, Regional Director, Expotrade Middle East, organizers of the Middle East Banking Innovation Summit 2017.
At the 7th Annual Middle East Banking Innovation Summit Dubai 2017, the topic of blockchain and how it is revolutionizing the banking industry in the region will be addressed in an interactive panel discussion. The summit will be held on the 18th and 19th of September 2017 in Dubai. More information on the Middle East Banking Innovation Summit Dubai 2017 is available at http://www.bankinnovation-me.com/. Follow the Summit on social media with the hashtag #MEBIS2017.
Source: Financial IT
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