The UAE’s embrace of technology and the digital transformation is changing the country in ways few could have imagined just a few years ago. Chief among these technologies is blockchain. While a few people may associate the technology with the hyper-volatile cryptocurrency Bitcoin, they are not one and the same. Blockchain is a technology that offers new possibilities for everything from payment systems to the digitalisation of documents. The implementation of blockchain will enable the real-time exchange of information with a level of security and transparency that is currently unrivalled, thanks largely to its reliance on math and the digital signature that appear on each transfer, making it impossible to tamper with. Its implementation at the government level will lead to the UAE’s goal of being a paperless economy and according to government sources, the use of blockchain technology in public services will add Dh5.5 billion to Dubai’s GDP by 2020. The central banks of the UAE and Saudi Arabia are currently leading the way for the regional banking industry by using blockchain to develop a “tokenised” currency for use between the two countries that will be used facilitate cross-border payments. Its use holds the potential to eliminate corruption while increasing the ease of doing business.
This type of forward-thinking adoption of technology will take the UAE to the forefront of the global business world, and is exactly the type of technology that the country should be utilising.
Its adoption will likely cause some concerns, as new technologies often do. These can and will be addressed as time goes on and understanding of the technology will make it acceptable. The potential that blockchain offers cannot be ignored.
Source: Gulf News
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