The UAE can save over AED 11 billion ($3 billion) through adopting the cutting-edge blockchain technology, according to a recent whitepaper.
The paper, entitled “Inclusive Deployment of Blockchain: Case Studies and Learning from the United Arab Emirates” was jointly prepared by Dubai Future Foundation, C4IR UAE and the World Economic Forum.
The survey aimed to highlight the current deployment phases in the ecosystem as well as the relevant challenges and success factors.
More than 100 stakeholders from over 60 public and private entities actively use the blockchain widely across the country, the study showed.
In addition, 80 percent of public entities stated that the identification of applied blockchain solutions is the most significant factor. Meanwhile, the clear identification of roles and responsibilities is the most important factor for giant organizations.
The public sector considers education and alignment with stakeholders as the key concern when it comes to blockchain adoption, while the private sector sees that regulatory uncertainty as its major challenge.
“The UAE has been smart enough to understand that this innovation will grow in years to come and they don’t want to miss it. I wouldn’t be surprised if the UAE becomes the leading nation in this space just as they did with the oil and property space,” said blockchain author Sukhi Jutla.
It seems that the UAE focuses on the blockchain industry as it was reported that 80% of public and private entities adopt such cutting-edge technology widely.