While the potentials of blockchain technology can never be overemphasized, a report suggests that the United Arab Emirates (UAE) can save at least $3 billion (Dh11 billion) by deploying advanced blockchain.
Three entities; the Centre for the Fourth Industrial Revolution, the World Economic Forum, and the Dubai Future Foundation, made a whitepaper on the matter.
They all believe that the UAE government can terminate about 398 million printed documents and 77 million work hours a year by engaging advanced blockchain in routine transactions.
This comes as the government kicked off measures to adopt blockchain technology, as well as launch specific blockchain strategies to advance the level of technology in the country.
“The findings from the report will help develop correct governance for blockchain, and provide insight into the major challenges facing organizations when deploying this technology,” the Chief Executive Officer of Dubai Future Foundation, Khalfan Belhoul said.
Blockchain Adoption Could Increase In UAE in 2020
Meanwhile, 80% of the public and private sector organizations are already using blockchain. The entities include Emirates NBD, Emirates Airline, DP World, Etisalat, Smart Dubai, Abu Dhabi Digital Authority, and the Ministry of Health.
According to the report, the experiences of these entities in Integrating blockchain will be used to understand the deployment in the future better. Besides, the UAE’s Centre for the Fourth Industrial Revolution surveyed entities that are exploring the technology.
Following the observations from both the whitepaper and the survey, the critical challenges to blockchain deployment in UAE are tied to the regulation and operation environment, per the report.
The challenges are the ability to identify the right applications for the technology, ensuring proper education for those involved, and offering the right governance models for it.
However, the Centre for the Fourth Industrial Revolution revealed it would continue to work with the UAE government in the issuance of the right governance frameworks and policies for blockchain technology.